Petco Announces $650,000,000 Offering of Senior Secured Notes

Core Viewpoint - Petco is offering $650 million in new senior secured notes to refinance existing debt and for general corporate purposes [1][2]. Group 1: Notes Offering - The offering consists of $650 million in aggregate principal amount of new senior secured notes, subject to pricing and customary closing conditions [1]. - The notes will be guaranteed by Petco's subsidiaries and secured by first-lien and second-lien priority interests in fixed and current assets [3]. - The notes will not be registered under the Securities Act of 1933 and will be offered only to qualified institutional buyers or outside the U.S. [4]. Group 2: Use of Proceeds - The net proceeds from the notes will be used to repay Petco's existing term loan facility, cover related fees and expenses, and for general corporate purposes [2]. Group 3: Security and Priority - The notes will be effectively senior to existing and future unsecured indebtedness and will be equal to senior indebtedness secured on the same priority basis [3]. - The notes will be subordinated to any existing and future secured indebtedness that is not collateral for the notes [3].