Latham Advises on Paradigm Parent, LLC and Paradigm Parent Co-Issuer, Inc.’s US$500 Million Senior Secured First Lien Notes Offering

Paradigm Parent, LLC and Paradigm Parent Co-Issuer, Inc. (together, the Issuers) have priced US$500 million of the Issuers’ 8.750% Senior Secured First Lien Notes due 2032. The Issuers expect to use the proceeds to repay in full a bridge facility previously entered into by certain of the Issuers and their affiliates. The notes offering supports Patient Square’s acquisition of Patterson Companies, Inc., a leading dental and animal health distributor in a transaction valued at approximately US$4.1 billion. The acquisition previously closed in April of 2025, and the notes offering is expected to close on July 31, 2025.

Latham & Watkins LLP represents the financing sources in the transaction with a Capital Markets team led by Chair of Latham’s Global Capital Markets Practice Stelios Saffos and partners Erika Weinberg and Andrew Baker, with associates Sofia Sitterson, Adam Picker, and Samantha Pannone; and a banking team led by partners Jesse Sheff and Conray Tseng, with associates Daniel Ovadia, Ana Nunez Cardenas, William Council and Angela Lin with assistance from Ryan Ng. Advice is being provided on tax matters by partner Bora Bozkurt and counsel Joyce Shin.