Source: Pet Age
Petco Health and Wellness announced the pricing of a $600 million senior secured notes offering, with the new notes set to mature on February 1, 2031, and carry an annual interest rate of 8.25%. The transaction is expected to close on February 2, 2026, subject to customary conditions.
Petco plans to use the net proceeds, along with borrowings from a new term loan facility and existing cash, to fully repay its current term loan facility, cover related fees and expenses, and support general corporate purposes. The notes will be guaranteed by certain Petco subsidiaries and secured by first-lien claims on fixed assets and second-lien claims on current assets, positioning them senior to unsecured or junior-lien debt. The offering will not be registered under U.S. securities laws and will be available only to qualified institutional buyers or eligible non-U.S. investors.
Read the full story HERE: https://www.petage.com/petco-health-and-wellness-prices-600-million-senior-secured-notes-offering/