Greencross Vets $1.1 billion dividend recapitalization
We advised the term lenders and agent on the financing
Davis Polk advised the term lenders and administrative agent in connection with a $1.1 billion term loan facility being provided to Vermont Aus Pty Ltd and its affiliates (collectively, “Greencross Vets”), an existing portfolio company of TPG, to refinance Greencross Vets’ existing credit facilities and fund a dividend to its investors.
TPG is a leading global alternative asset manager with approximately $109 billion in assets under management.
Established in 1994, Greencross Vets is the largest veterinary services provider in Australia, where it operates over 150 clinics including general practices and animal emergency clinics.
The Davis Polk finance team included partner Nicholas A. Palumbo and associate Zachary R. Frimet. Counsel Andrei Takhteyev provided independent advice to the administrative agent. Partner Michael Farber and associate Eitan Ulmer provided tax advice. All members of the Davis Polk team are based in the New York office.