Patterson places $250 million 10-year 3.48% notes

By Lisa Kerner

Charlotte, N.C., March 25 – Patterson Cos., Inc. and some subsidiaries agreed to issue $250 million of 3.48% senior notes due 2025, according to an 8-K filing with the Securities and Exchange Commission.

Proceeds will be used to repay borrowings under the company’s senior notes and revolving line of credit, to repurchase shares of the company’s common stock and for general corporate purposes.

The notes have a make-whole call at Treasuries plus 50 basis points.

Patterson must not permit its ratio of debt to adjusted EBITDA to be greater than 3.5 to 1 or its ratio of consolidated adjusted EBITDA to consolidated interest expense to be less than 2.5 to 1 at the end of any fiscal quarter, the filing stated.

St. Paul-based Patterson distributes dental, companion-pet veterinarian and rehabilitation supplies.

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