Petco Announces $650mln Senior Secured Notes Offering for Debt Repayment

Petco announces a $650mln offering of senior secured notes, subject to pricing and customary closing conditions. The net proceeds will be used to repay its existing term loan facility, pay related fees and expenses, and for general corporate purposes. The notes will be guaranteed by Petco's subsidiaries and secured on a first-lien priority basis by security interests in fixed assets.