Wellness Pet Company, a pet nutrition company, successfully completed a refinancing transaction supported by substantial majorities of its existing lenders. As part of this transaction, Wellness Pet has secured a $100 million capital investment and extended the maturities of its existing loans and asset-based lending facility to 2029.
In addition to securing new capital, the company enhanced its liquidity position and financial flexibility by refinancing loans with participating term loan lenders. The initial closing of the transaction received unanimous support from ABL lenders, nearly 80% support from first lien term loan lenders and over 90% support from second lien term loan lenders. Remaining term loan lenders are invited to participate in the transaction.
“We greatly appreciate the robust support of our financing partners, which underscores their confidence in our business model and growth plans,” Reed Howlett, CEO of Wellness Pet, said. “With new capital and reduced debt levels, we are well-positioned to invest in innovative solutions that meet the evolving needs of our customers and pet parents.”
