PetIQ to launch $425 million credit facilities on Tuesday

By Sara Rosenberg

New York, March 22 – PetIQ LLC will hold a bank meeting at 1 p.m. ET on Tuesday to launch $425 million of credit facilities, according to a market source.

Jefferies LLC and KeyBanc Capital Markets are the lead arrangers on the deal.

The facilities consist of a $125 million five-year ABL revolver and a $300 million seven-year senior secured first-lien term loan, the source said.

Price talk on the term loan is Libor plus 425 basis points with a 0.5% Libor floor and an original issue discount of 99 to 99.5, the source continued.

The term loan has 101 soft call protection for six months.

Proceeds will be used to partially refinance existing debt.

PetIQ is an Eagle, Idaho-based pet medication and wellness company providing convenient access to affordable veterinary products and services.

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