Investors today received allocations of Wedgewood Village Pharmacy Inc.'s $220 million seven-year covenant-lite term loan B that priced tight of talk via joint bookrunners Macquarie and Natixis, according to sources. Pricing was finalized at L+450 with a 0.75% Libor floor and an issue price of 99. The loan broke for trading in a 99.375/99.875 market, before ticking up to 99.625/100.125. The deal backs Partners Group's acquisition of Wedgewood from New Harbor Capital. Financing also includes a $40 million, five-year revolver with a springing first-lien leverage covenant.
Wedgewood Pharmacy provides compounded animal medications for acute and chronic conditions.
|Issue||$220 million term loan B|
|Call protection||101 soft call for 6 months|