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Wedgewood Pharmacy $220M term loan for buyout allocates, rises on break; terms

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.


Borrower Wedgewood Pharmacy
Issue $220 million term loan B
Spread L+450
Libor floor 0.75%
Price 99
Tenor 7-year
YTM 5.54%
Four-year yield 5.65%
Call protection 101 soft call for 6 months
Corporate ratings B-/B3
Facility ratings B-/B3
Recovery ratings 3
Financial covenants None
Arrangers Macq/Natx
Admin agent Macq
Px Talk L+475-500/0.75%/99
Sponsor Partners Group