National Veterinary ups term loan to $115 million, firms OID at 97.5

By Sara Rosenberg

New York, Feb. 23 – National Veterinary Associates (NVA Holdings Inc.) lifted its incremental term loan to $115 million from $100 million and finalized the original issue discount at 97.5, the tight end of the 97 to 97.5 talk, according to a market source.

As before, the term loan is priced at Libor plus 450 basis points with a 1% Libor floor, and has 101 soft call protection for one year.

Bank of America Merrill Lynch, Jefferies Finance LLC and Nomura are the leads on the deal.

Commitments were due at 1:30 p.m. ET on Tuesday, the source said.

Proceeds will be used for acquisition financing, for general corporate purposes and to repay revolver borrowings.

National Veterinary Associates is an Agoura Hills, Calif.-based owner of independent freestanding veterinary hospitals.

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