PetVet Care Centers, LLC, Health Care Providers & Services
How each BDC lender prices its exposure to this borrower, from the latest SEC Schedule-of-Investments filings.
Lenders
PetVet Care Centers, LLC, Health Care Providers & Services is held by 6 BDC lenders in our parsed SEC filings: ARCC, GBDC, NMFC, OBDC, OBDE, PSEC.
Cross-lender loan pricing
Each row is one debt tranche at the BDC’s most recent filing that holds this borrower, widest spread first. Mark is the position’s fair value as a percent of par (100 = par). Spread is shown in basis points over the benchmark in the Rate column, normalized from each filing’s as-reported units — rows quoting different benchmarks are still not directly comparable. Compare like-for-like: a second-lien tranche, a different vintage, or an older filing should price wider even when the credit view is identical — check the Type and Filing columns before reading a gap as disagreement. Source: SEC EDGAR (public). Rows marked stale are from an earlier filing than the lender’s latest — the borrower is absent from its newest filing (exited, repaid, or reported under a different name).
| BDC | Type | Rate | Spread (bps) | Mark (% of par) | Fair Value | Maturity | Filing |
|---|---|---|---|---|---|---|---|
| ARCC | 1L Sr Secured | SOFR | 600 | 86.0 | $112M | 2030-11 | 2026-04-28 |
| GBDC | 1L Sr Secured | SOFR | 600 | 60.0 | $12K | 2029-11 | 2026-05-04 |
| GBDC | 1L Sr Secured | SOFR | 600 | 90.0 | $4M | 2030-11 | 2026-05-04 |
| NMFC | 1L Sr Secured | SOFR | 600 | 85.9 | $24M | 2030-11 | 2026-05-04 |
| NMFC | 1L Sr Secured | SOFR | 600 | 85.8 | $637K | 2029-11 | 2026-05-04 |
| OBDC | 1L Sr Secured | SOFR | 600 | 50.0 | $2M | 2029-11 | 2026-05-06 |
| OBDC | 1L Sr Secured | SOFR | 600 | 90.0 | $118M | 2030-11 | 2026-05-06 |
| OBDE | 1L Sr Secured | SOFR | 600 | 90.0 | $13M | 2030-11 | 2026-05-08 |
| OBDE | 1L Sr Secured | SOFR | 600 | 50.0 | $209K | 2029-11 | 2026-05-08 |
| NMFC | 1L Sr Secured | — | — | -$419K | 2029-11 | 2026-05-04 | |
| PSEC | 2L / Mezz | SOFR | 625 | 95.7 | $15M | 2026-02-15 | 2023-09-08 stale |
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
Ownership & deal activity
Ownership and acquisition events compiled from public sources and audited against the linked source. Each event links to its source; “(reported)” marks a lower-confidence item. Verify anything material against the original source.
- refinancingCVC Credit provides $65.5M in loan facilities and equity to support PetVet refinancingCVC Credit provided $65.5 million in loan facilities and equity to support the refinancing of PetVet Care Centers, a KKR portfolio company operating more than 450 veterinary hospitals across 40 states.
- recapitalizationKKR completes ~$2.3B unitranche recapitalization of PetVet led by Blue Owl CapitalKKR completed a ~$2.3 billion unitranche recapitalization of PetVet Care Centers led by Blue Owl Capital, with Ares Management, Oaktree Capital, and Oak Hill Advisors also participating, plus $400M of preferred equity from third-party investors and $600M of additional common equity from KKR, with proceeds used to repay over $3 billion of outstanding debt maturing from 2025.
- sponsor changeKKR acquires PetVet Care Centers from Ontario Teachers' and L CattertonKKR agreed on December 27, 2017 to acquire PetVet Care Centers from Ontario Teachers' Pension Plan, L Catterton, and other existing shareholders for an undisclosed price, investing primarily through its Core Investments strategy; the network then comprised 125 hospitals across 22 states.
- refinancingGolub Capital provides $675M GOLD one-loan facility to refinance PetVet's existing debtGolub Capital, as Sole Bookrunner and Administrative Agent, provided a $675 million unitranche GOLD facility to PetVet Care Centers to refinance its existing first lien and second lien senior credit facilities, representing Golub Capital's largest lead deal at the time.
- lboL Catterton founds and backs PetVet Care Centers at inceptionPetVet Care Centers was founded in January 2012 by Gino Volpacchio and L Catterton (then Catterton Partners), which provided the initial private equity backing for the veterinary hospital roll-up.
- sponsor changeOntario Teachers' Pension Plan acquires PetVet from Catterton Partners for ~$440MOntario Teachers' Pension Plan acquired a majority stake in PetVet Care Centers from Catterton Partners for a reported $440 million; Catterton retained a minority interest alongside CEO Gino Volpacchio.
Headlines mentioning PetVet Care Centers, LLC, Health Care Providers & Services
Reading this table
When two business development companies lend to the same borrower, comparing how each marks the loan is a starting question, not a verdict. In plain English: a wider spread (e.g. S+575 vs S+525) or a lower mark (e.g. 96 vs 100 cents on the dollar) can mean that lender is pricing in more risk — but marks can also differ for reasons other than a credit view: a different tranche (second lien should price wider than first lien on the same company), a different vintage or entry point, an older filing date, or each manager’s own fair-value methodology. Compare like-for-like — check the Type and Filing columns before reading a gap as disagreement. Each row is one debt position at one BDC’s most recent filing. Source: SEC EDGAR Schedule of Investments (public).
Want to read these numbers like an analyst? Free Oxford Ledge lessons: reading a BDC’s Schedule of Investments, key credit metrics, and the Five Cs of credit analysis.