Independent Pet Partners gets approval of $27.26 million DIP loan

By Sarah Lizee

Olympia, Wash., March 6 – Independent Pet Partners Holdings, LLC received final approval of a $27.26 million debtor-in-possession facility, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, a prepetition lender group including Main Street Capital Corp., Newstone Capital Partners and CION Investment Corp. are providing the facility, which includes $9.56 million in new money commitments and a rollup of prepetition debt under an asset-based loan facility.

Acquiom Agency Services, LLC is administrative and collateral agent.

The DIP facility is set to mature on April 16 and bear interest at SOFR plus 1,000 basis points.

The initial draw and final draw include a commitment fee payable to the DIP lenders for their own account of 5% of the new money loans provided, payable at the time of each draw.

The agent will receive $25,000 in fees.

The company also received final court approval to access cash collateral.

The company has lined up a stalking horse agreement with the lenders for 66 of its stores. The purchase price includes a $60 million credit bid and some assumed liabilities.

The multichain pet care business has headquarters in Woodbury, Minn. The company filed bankruptcy on Feb. 5 under Chapter 11 case number 23-10153.

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