- Petco has priced a $600 million offering of senior secured notes due in 2031.
- The notes will bear interest at 8.25% per year and are expected to close in early February 2026.
- Proceeds will be used primarily to refinance existing debt and for general corporate purposes.
Petco Health + Wellness Company, Inc. announced the pricing of its previously disclosed senior secured notes offering, agreeing to issue and sell $600 million in aggregate principal amount of notes due February 1, 2031. The notes will carry an annual interest rate of 8.25%, with the transaction expected to close on February 2, 2026, subject to customary closing conditions.
The company plans to use the net proceeds from the offering, together with borrowings under a new term loan facility and available cash, to fully repay its existing term loan facility. Additional funds will be used to pay related fees and expenses and for general corporate purposes.
The notes will be guaranteed by Petco subsidiaries that also guarantee its credit facilities and will be secured by first-lien interests in fixed assets and second-lien interests in current assets. The securities will be offered only to qualified institutional buyers and eligible non-U.S. investors under applicable securities law exemptions.
Information sourced from the company’s press release.
