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U.S. Bank Asset Based Finance Closes $265 Million Credit Facility for Lextron


U.S. Bank Asset Based Finance announced its role as administrative agent, joint leader arranger and joint bookrunner for the $265 million revolving credit facility to finance the acquisition of Animal Health International, Inc. by Lextron, Inc., two leaders in the animal health products marketplace. After closing second quarter 2011, Lextron assumed the Animal Health International name.

"We are pleased to have provided Animal Health International with a leading asset based financing solution to facilitate this merger," said Sam Philbrick, president of U.S. Bank Asset Based Finance. "Our industry expertise and market knowledge made it possible for us to move extremely quickly in executing this transaction, helping to support the organization's immediate and longer term goals."

"U.S. Bank has had an outstanding, long term relationship with Lextron," said Hassan Salem, president of U.S. Bank in Denver. "Our role in financing this merger speaks to our commitment to both organizations, as well as to U.S. Bank's capabilities with regard to transactions of this size and complexity."

"We appreciate the depth of the U.S. Bank team in assisting us in financing this strategic acquisition and merger. We view the U.S. Bank Asset Based Finance group and their counterparts in Denver as a partner in our growth strategy," said John Adent, president and chief executive officer of Animal Health International.

About Lextron and Animal Health International

The privately held company operates under the name Animal Health International, Inc. The combination of these two long-standing companies creates a premier animal health business with more than 100 years of combined knowledge and industry expertise.

Lextron, Inc. was established in 1967 by Dr. Bob Hummel as Great Plains Chemical Company, a distributor of animal health products for the livestock industry. The name was later changed to Lextron and the Company grew to three separate operating divisions: Lextron Animal Health - Lextron Technologies - Precision Logistics. The Company also operates through several subsidiaries, including Aspen Veterinary Resources, Ltd., Animal Feed Technologies, LLC, Vet Pharm, Inc. and TW Medical Veterinary Supply. In the merger, the company acquired Walco International, Inc. and its divisions, including DVM Resources, Holt Products, Sunwest Industries and Veterinarian's Outlet.

About U.S. Bank Asset Based Finance

U.S. Bank Asset Based Finance is one of the fastest-growing asset based lenders providing financing solutions to middle-market and large cap companies in the United States and Canada. Financing supports working capital, growth, acquisitions, and turnarounds across a wide spectrum of manufacturers, distributors, service providers and retailers. Please visit us on the web at www.usbank.com/abf.

About U.S. Bancorp

U.S. Bancorp (NYSE: USB), with $321 billion in assets as of June 30, 2011, is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The company operates 3,086 banking offices in 25 states and 5,086 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.

SOURCE: U.S. Bancorp

U.S. Bank Asset Based Finance
Elizabeth Parra, 415-925-4739
U.S. Bank Public Relations
Amy Frantti, 612-303-0733
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