ST. PAUL, Minn. (AP) - Patterson Cos., which distributes dental, veterinary
and rehabilitation products, said Monday reached a new long-term financing deal
and completed an accelerated share repurchase agreement with JPMorgan Chase &
Co.
Patterson completed $525 million in financing through the issuance of $450
million of fixed-rate private notes and a five-year, $75 million term loan.
About $250 million of the new financing was used to repurchase about 6.3
million shares of common stock under an accelerated share repurchase agreement.
The exact number of shares will depend on market conditions.
The remaining capital raised through the new financing will be used to pay
off a revolving credit line and for general corporate purposes.
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