Butler Animal moves funds between term loans, trims B loan Libor floor

By Sara Rosenberg

New York, May 25 - Butler Animal Supply LLC upsized its term loan A to $100 million from $75 million and downsized its term loan B to $216 million from $241 million, according to a market source.

Pricing on the term loan B remained at Libor plus 325 basis points, but the Libor floor was reduced to 1.25% from 1.5%, the source said.

Also, the offer price on the B loan firmed at par, the tight end of 99¾ to par talk.

There is 101 soft call protection for one year on the term loan B.

Pricing on the term loan A, as well as on a $50 million revolver, is Libor plus 300 bps with no Libor floor.

Recommitments were due at 3 p.m. ET on Wednesday, and closing is expected to take place on Thursday.

J.P. Morgan Securities LLC is the lead bank on the $366 million credit facility (B1/BB-).

Proceeds will be used to refinance existing bank debt.

Butler Animal is a Dublin, Ohio-based companion animal health distribution company.

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