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Golub Capital Provides $675MM One-Loan Debt Facility to PetVet Care Centers

June 14, 2017, 07:07 AM
Filed Under: Veterinary

Golub Capital recently announced that as Sole Bookrunner, Sole Lead Arranger & Administrative Agent, it provided a GOLD facility to support the continued growth of PetVet Care Centers, a portfolio company of Ontario Teachers' Pension Plan. The Company refinanced its existing first lien and second lien senior credit facilities with this GOLD facility. GOLD financings are Golub Capital One-Loan Debt facilities. This $675 million one-loan debt facility represents Golub Capital's largest lead deal to date.

With over 600 general veterinarians and board certified specialists, ranging from emergency critical care to cardiology and orthopedic surgery, PetVet is one of the nation's largest, fastest growing and most profitable operators of veterinary hospitals for companion animals in the United States. PetVet maintains an attractive, differentiated portfolio of locally branded hospitals, and as of March 31, 2017 operated 98 general practice, specialty, and hybrid hospitals across 19 states.

"As one of the eminent veterinary businesses in the U.S., the world-class team at PetVet has a proven track record of success," said Hyun Chang, Managing Director of Golub Capital. "The Sponsor and Company evaluated a number of refinancing alternatives to address their dry powder needs, scalability and flexibility in their capital structure, and we are humbled to again be selected as lead partner with a highly customized GOLD refinancing to accelerate the Company's thesis for future growth."

Golub Capital acted as Joint Lead Arranger, Joint Bookrunner and Administrative Agent on a $232.25 million senior credit facility to support the acquisition of PetVet by Ontario Teachers' in 2014. Ontario Teachers' is a repeat sponsor client for Golub Capital having closed a number of transactions including Joint Lead Arranger on the $225 million incremental term loan for Shearer's Foods in 2015 and Sole Lead Arranger on the $355 million GOLD facility refinancing for Plano Synergy in 2015.

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