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East West Bank Provides $75MM Asset Based Lending Revolver to PetIQ

August 31, 2018, 07:03 AM
Filed Under: Consumer Products

East West Bank announced that it has completed an amendment of its five-year $75 million ABL revolving line of credit. The ABL facility will be utilized by PetIQ for general corporate purposes and provide the Company with ongoing working capital needs. Headquartered in Eagle, Idaho, PetIQ is a leading, rapidly growing pet health and wellness company.

Through over 40,000 points of distribution across retail and e-commerce channels, PetIQ and VIP Petcare, a wholly-owned subsidiary, have a mission to make pet lives better by educating pet parents on the importance of offering regular, convenient access and affordable choices for pet preventive and wellness veterinary products and services. PetIQ believes that pets are an important part of the family and deserve the best products  and care we can give them. PetIQ is publicly traded on the Nasdaq with the symbol PETQ.

“Our deal team worked closely with management at PetIQ to ensure a timely and seamless closure. The entire management team was a pleasure to work with on the transaction and was true partners in every sense of the word.” said David Lehner, Senior Vice President for East West Bank’s Asset Based Finance Group. “PetIQ greatly values its partnership with East West Bank and is looking forward to building relationships with our syndicated partners. The bank’s ability to bring expertise and flexibility to the table has helped us position the Company for long-term future growth.” said Jeff Caywood, Treasurer for PetIQ. Industry Manufacturer and Distributor of pet health and wellness and treat products.

Participating lenders included East West Bank [as Administrative Agent and Lender] KeyBank National Association [as Syndication Agent and Lender] Comerica Bank [as Participant Lender].

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