Petmate sets talk on first- and second-lien term loans with launch

By Sara Rosenberg

New York, Sept. 28 – Petmate released price talk on its $525 million first-lien term loan (B3/B-) and $155 million second-lien term loan (Caa2/CCC) with its lender call on Tuesday, according to a market source.

The first-lien term loan is talked at Libor plus 475 basis points to 500 bps with a 0.5% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 825 bps to 850 bps with a 0.5% Libor floor and a discount of 98.5, the source said.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

BMO Capital Markets, Jefferies LLC, Antares Capital and KKR Capital Markets are the leads on the deal.

Commitments are due at noon ET on Oct. 13, the source added.

Proceeds will be used to help fund the buyout of the company by Platinum Equity.

Petmate is an Arlington, Tex.-based manufacturer of pet products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.