PetIQ finalizes $300 million term loan at discount of 99

By Sara Rosenberg

New York, April 7 – PetIQ LLC firmed the original issue discount on its $300 million seven-year senior secured first-lien term loan (B3/B-) at 99, the wide end of the 99 to 99.5 talk, according to a market source.

Also, a number of lender friendly documentation revisions were made, the source said.

Pricing on the term loan remained at Libor plus 425 basis points with a 0.5% Libor floor.

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

The company’s $425 million of credit facilities also include a $125 million five-year ABL revolver.

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

Recommitments were scheduled to be due at 3 p.m. ET on Wednesday, the source added.

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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