PETQ - PetIQ adds a total of $425M in credit facilities

PetIQ (PETQ) enters into a new $300M term loan and a $125M new asset-based revolving line of credit, collectively referred to as the credit facilities.The credit facility replaces both the existing term loan and ABL facilities and increases borrowing capacity by approximately $109M.The term loan B, priced at L+425 with a 0.50% LIBOR floor, has a maturity of April 2028 and contains no financial covenants. The new ABL, priced at L+125 to L+175, has a maturity of April 2026.In addition to replacing previous facilities, a portion of the proceeds were used to fully repay $27.5M of the unsecured VIP Seller Notes bearing interest at 6.75%

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PetIQ adds a total of $425M in credit facilities