VCA Announces New $1.4 Bln Credit Facility; Up To $400 Mln Share Buyback

(RTTNews) - VCA Inc (WOOF), an animal healthcare company, said Wednesday it entered into a new $1.4 billion revolving credit facility, and announced a new $400 million share buyback program.

The new credit facility provides for $600 million of senior term notes, which will be used to retire about $534 million of outstanding term notes under its existing credit facility; as well as an additional $800 million revolving facility, the company said.

The new senior term loan and revolving facility are priced initially at LIBOR plus 175 basis points but will change depending on the company's ratio of debt to EBITDA.