Petco Announces Pricing of its $600,000,000 Offering of Senior Secured Notes

Core Viewpoint - Petco has announced the pricing of a senior secured notes offering, intending to raise $600 million with a maturity date of February 1, 2031, and an interest rate of 8.250% per annum [1]. Group 1: Notes Offering Details - The offering will consist of $600 million in aggregate principal amount of new senior secured notes [1]. - The completion of the notes offering is expected on February 2, 2026, subject to 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, respectively [3]. Group 2: Use of Proceeds - Petco plans to use the net proceeds from the notes sale, along with borrowings from a new term loan facility and cash on hand, to fully repay its existing term loan facility, cover related fees and expenses, and for general corporate purposes [2]. Group 3: Regulatory and Offering Conditions - The notes will not be registered under the Securities Act of 1933 and will only be offered to qualified institutional buyers or outside the U.S. in compliance with Regulation S [4]. - A confidential offering memorandum will be provided to eligible persons, and the offering will adhere to the terms set forth in that memorandum [4].