KKR Nears $2.3 Billion Private Loan for PetVet Recapitalization

KKR & Co. is nearing a deal with a group of private credit lenders to refinance the entire debt load of its portfolio company PetVet Care Centers, according to people with knowledge of the matter.

The private equity firm is close to receiving a new $2.3 billion unitranche loan from a group led by Blue Owl Capital Inc., said the people, who asked not to be named discussing a private transaction. The loan pays an interest margin of 6 percentage points over the Secured Overnight Financing Rate, they said.

The recapitalization also includes $400 million of preferred equity ...