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Southern Veterinary launches $145 million term loan at 99.5 OID
By Sara Rosenberg
New York, March 14 – Southern Veterinary Partners LLC was scheduled to hold a lender call at 2 p.m. ET on Thursday to launch a fungible $145 million incremental first-lien term loan due Oct. 5, 2027 that is talked with an original issue discount of 99.5, according to a market source.
Pricing on the incremental term loan is SOFR+CSA plus 400 basis points with a 1% floor, in line with existing first-lien term loan pricing.
CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.
Expected term loan ratings are B3/B-.
Jefferies LLC and Golub Capital are the arrangers on the deal.
Commitments are due at 2 p.m. ET on Wednesday, the source added.
Proceeds will be used to refinance the company’s existing second-lien term loan.
Southern Veterinary is a Birmingham, Ala.-based provider of general practice veterinary services.
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