Petco Animal Supplies discloses structure and talk with launch; MedAssets sets meeting

By Sara Rosenberg

New York, Jan. 5 – In the loan market on Tuesday, Petco Animal Supplies Inc. came out with structure and price talk on its new deal in connection with its bank meeting, and MedAssets Inc. nailed down timing on the launch of its credit facility.

Petco presented lenders with a $2.5 billion seven-year covenant-light senior secured first-lien term loan B (B1/B) talked at Libor plus 450 basis points with a 1% Libor floor, an original issue discount of 98.5 to 99 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Jan. 14, the source said.

The company’s $3 billion credit facility also includes a $500 million asset-based revolver.

MedAssets set a bank meeting for noon ET on Wednesday to launch its previously announced $1.73 billion senior secured credit facility, a market source said.

The facility consists of a $100 million revolver, a $1.13 billion first-lien term loan and a $500 million second-lien term loan.

Also in the primary, Stratose Inc. emerged with plans to bring a new first-lien term loan to market.

Stratose plans to hold a bank meeting at 10 a.m. ET on Thursday to launch a $265 million first-lien term loan, according to a market source.

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