Pets at Home barks up the right tree for TLC

KKR’s UK pet shop chain Pets at Home allocated its £130m six year senior term loan ‘C’ on Thursday morning after achieving the two-thirds lender consent that was required to pass an amendment allowing the company to repay its mezzanine debt.

  • 08 Jun 2012

Pets at Home will use the new loan, which pays 550bp and comes at an original issue discount of 99.5, alongside £20m of balance sheet cash to repay its £150m mezzanine loan.

The amendment also gives Pets slightly more headroom under its leverage and capex covenants. Nomura and KKR ...

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