Petco refi with $900M term loan and $600M 8.25% senior secured notes due 2031

Petco Health & Wellness Company, Inc.

$900M refinancing term loans at Term Benchmark + 4.25% (0% floor), maturing Feb 2031 with 1% annual amortization.
$600M 8.250% senior secured notes due 2031 issued; proceeds to repay existing term loan facility.
Notes carry covenants limiting additional debt, dividends, investments, asset sales, liens, and affiliate transactions.
Notes redeemable at make-whole premium before Feb 1, 2028; thereafter at specified redemption prices.
Combined proceeds from term loans, notes, and cash on hand used to fully repay existing term loan facility.

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