Article
Carlyle Expected to Lead $350M Private Loan to Refi Wedgewood Pharmacy’s BSL Debt; Pricing Talked at SOFR+475 Bps
A Carlye-led lender group is expected to provide a $350 million private loan to refinance Wedgewood Pharmacy’s existing broadly syndicated loan debt, according to sources.
Price discussions for the facility are being held at about SOFR+475 bps with 99.5 OID, the sources said, adding that the debt package includes a $310 million term loan and $40 million revolver.
New Jersey-based Wedgewood Pharmacy, which is backed by private equity firm Partners Group, bills itself as one of the largest providers of compounded veterinary medications, serving more than 70,000 vets and 1 million animals per year, according to its website.
One source said that the company generates about $50 million of EBITDA and added that the refinancing deal is in the late stages.
Partners Group, a Switzerland-based private equity firm, acquired Wedgewood in 2020 in a transaction reportedly valued at about $700 million. Financing for the deal included a $220 million seven-year term loan B via Macquarie Capital and Natixis, S&P reported in February 2021. It also included a $40 million five-year revolver, the same report said.
Wedgewood Pharmacy has completed several acquisitions under Partners Group, including Front Range Laboratories and a merger with Blue Rabbit in 2023.
Senior direct lending facilities to support refinancings, repricings and restructurings in the healthcare sector priced at an average of SOFR+510 bps in the third quarter of the year, according to the Octus Private Credit Dashboard. By comparison, the same facilities priced at an average of SOFR+505 bps in the third quarter of 2024, according to the same database.
Carlyle’s Global Credit platform manages $208 billion in assets across different credit segments, including liquid, private credit and real asset strategies, according to its website.
Recent loans provided by Carlye’s credit arm can be seen on Octus Private Credit Dashboard HERE.
Partners Group and Carlyle declined to comment. Wedgewood Pharmacy did not return requests for comment.
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