Southern Veterinary to launch $665 million credit facilities Tuesday

By Sara Rosenberg

New York, Sept. 18 – Southern Veterinary Partners LLC is scheduled to hold a bank meeting at 11 a.m. ET on Tuesday to launch $665 million of credit facilities, according to a market source.

Jefferies LLC is the lead arranger on the deal.

The facilities consist of a $30 million five-year revolver, a $435 million seven-year senior secured first-lien term loan, a $60 million delayed-draw first-lien term loan and a $140 million eight-year senior secured second-lien term loan, the source said.

The delayed-draw term loan has an 18-month commitment and will be sold as a strip with the first-lien term loan.

Call protection on the first-lien term loan is a 101 soft call for six months and the second-lien term loan has hard call protection of 102 in year one and 101 in year two, the source added.

Proceeds will be used to refinance the company’s existing capital structure.

Southern Veterinary is a Birmingham, Ala.-based provider of general practice veterinary services.

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