White & Case Advises Lenders on Financing for Covetrus’s US$4 Billion Acquisition
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Global law firm White & Case LLP has advised Deutsche Bank AG New York Branch, as administrative and collateral agent, and Deutsche Bank Securities Inc., as left joint lead arranger, on senior secured first lien credit facilities provided to finance the approximately US$4 billion acquisition and take-private of Covetrus, Inc. by funds affiliated with Clayton, Dubilier & Rice and TPG Capital.
The financing consisted of a US$1,525 million first lien term loan facility and a US$300 million first lien revolving credit facility, in addition to a US$350 million second lien term loan facility.
Covetrus is a global animal health technology and services company dedicated to empowering veterinary practice partners to drive improved health and financial outcomes.
The White & Case team was led by partner Christoffer Adler (Los Angeles) and also included partners Eric Leicht and David Ridley, and associates Shaheen Karolia and Yana Gontcharova (all in New York).
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