PetSmart offers to purchase up to $62 million 5 7/8% notes due 2025

By Rebecca Melvin

New York, Jan. 14 – PetSmart, Inc. said it is offering to purchase for cash up to $62 million of its outstanding 5 7/8% senior first-lien notes (Cusip: 716768AC0) due 2025, according to a company news release.

There is $1,145,000,000 principal amount of the notes outstanding.

The offer was launched on Jan. 9 and will expire on Feb. 6 at 11:59 p.m. ET, with settlement expected to occur on Feb. 8.

The company is offering to purchase the notes at par plus accrued interest up to the payment date.

If the amount of notes tendered exceeds the cap, PetSmart will purchase the notes subject to proration.

The offer will be funded with available cash on hand and is being undertaken to reduce the company’s total debt and decrease its overall interest expense.

D.F. King & Co., Inc. has been appointed as information and tender agent in connection with the offer.

The specialty pet retailer is based in Phoenix.

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