Wellness Pet releases price talk on first- and second-lien term loans

By Sara Rosenberg

New York, Dec. 2 – Wellness Pet Food Holdings Co., Inc. (Woof Intermediate Inc.) released price talk on its $720 million seven-year first-lien term loan (B2/B-) and $265 million eight-year second-lien term loan (Caa2/CCC) with its lender call on Wednesday, according to a market source.

The first-lien term loan is talked at Libor plus 425 basis points with a 0.75% Libor floor and an original issue discount of 98.5 to 99, and the second-lien term loan is talked at Libor plus 800 bps with a 0.75% Libor floor and a discount of 98 to 98.5, the source said.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

J.P. Morgan Securities LLC is the lead bank on the $985 million of term loans.

Commitments are due at 5 p.m. ET on Dec. 16.

Proceeds will be used to help fund the buyout of the company by Clearlake Capital Group, LP from Berwind Corp.

Wellness Pet is a Tewksbury, Mass.-based supplier of pet food and treats.

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