Southern Veterinary launches $150 million term loan at 99.5-99.75 OID

By Sara Rosenberg

New York, Sept. 17 – Southern Veterinary Partners LLC launched on Friday its fungible $150 million incremental first-lien term loan due October 2027 with original issue discount talk of 99.5 to 99.75, according to a market source.

Pricing on the incremental first-lien term loan is Libor plus 400 basis points with a 1% Libor floor, in line with existing first-lien term loan pricing.

The incremental first-lien term loan has 101 soft call protection through Oct. 5.

The company is also getting a $100 million privately placed delayed-draw first-lien term loan.

Jefferies LLC is the lead arranger on the deal.

Commitments are due at noon ET on Wednesday.

Proceeds will be used to fund the company’s acquisition pipeline.

Southern Veterinary is a Birmingham, Ala.-based provider of general practice veterinary services.

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