PetVet Care Center wraps $300M add-on term loan, repricing; terms

PetVet Care Centers Inc. has completed its upsized $300 million fungible incremental term loan B-3 and the repricing of its roughly $373 million term loan B-3 due February 2025 via lead arrangers Jefferies and KKR Capital Markets, according to sources. The transaction was completed tight of talk at L+350, with a 0.75% Libor floor, with both the new money add-on term loan and the repriced term loan pricing at par. The add-on was initially talked at an original issue discount in the range of 99.5-99.75. The transaction lowers the spread on the existing term loan from L+425, with a 1% Libor floor. The incremental term loan was upsized by $50 million during syndication and proceeds will be used to fund the company's acquisition pipeline. PetVet, backed by KKR, is an operator of general practice and specialty veterinary hospitals. Terms: