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Petmate lifts spread on $232.5 million term loan to Libor plus 450 bps
By Sara Rosenberg
New York, May 22 – Petmate increased pricing on its $232.5 million seven-year term loan to Libor plus 450 basis points from Libor plus 425 bps, according to a market source.
As before, the term loan has a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.
The company’s $262.5 million in credit facilities (B1/B) also provide for a $30 million five-year revolver.
Included in the facilities is a maximum total net leverage ratio covenant.
Antares Capital is the lead on the deal.
Allocations went out on Monday, and closing was targeted to take place on Monday as well, the source added.
Proceeds are being used to help fund the buyout of the company by Olympus Partners from Wind Point Partners.
Petmate is an Arlington, Texas-based pet products platform.
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