Southern Veterinary sets bank meeting for $150 million incremental loan

By Paul A. Harris

Portland, Ore., Sept. 16 – Southern Veterinary Partners, LLC plans to host a bank meeting beginning at noon ET on Friday to launch a $150 million fungible incremental first-lien term loan due October 2027.

The maturity is the same as that of the company’s existing loan, as is a 400 basis points spread to Libor atop a 1% Libor floor.

The pro forma tranche size will be about $583 million.

The deal comes with 101 soft call protection through Oct. 5, 2021.

Commitments are due at noon ET on Sept. 22.

A $100 million delayed draw first-lien term loan is being privately placed.

Jefferies is the arranger.

The Homewood, Ala.-based veterinary services provider plans to use the proceeds to fund its acquisition pipeline.

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