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.
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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