Petco Announces $650M Senior Secured Notes Offering for General Corporate Purposes.

Petco announced an offering of $650 million in senior secured notes, subject to customary closing conditions. The net proceeds will be used to repay existing term loans, 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, and on a second-lien priority basis by security interests in current assets.