Ropes & Gray Advises Thrive Pet Healthcare on Liability Management Transaction

Ropes & Gray advised Thrive Pet Healthcare in the successful completion of a transaction that will provide more than $350 million of enhanced liquidity and extend the maturities of more than $1.7 billion of existing debt obligations. The completed transaction was announced in a March 31 press release.

Thrive Pet Healthcare is a leading owner and operator of a national network of over 360 veterinary hospitals across the United States.

Thrive’s new financing and extended maturity provides Thrive with significant capital to execute on its operational initiatives, to strengthen its financial profile and drive continued growth. This transaction was supported by 100% of Thrive’s existing lenders and its equity sponsor, and is another tremendous outcome for clients of Ropes & Gray’s market-leading liability management practice.

The Ropes & Gray team included business restructuring partners Ben Rhode and Ryan Preston Dahl, finance partners Leonard Klingbaum, Milap Patel and Alex Zeltser, private equity partner Sandy Boer, tax partner Pam Glazier, M&A partner Chris Comeau, restructuring associate Rahmon Brown, private equity associate Andrea Daley, and finance associate Nell Ethridge.