AMERICAS DISTRESS DAILY: Wellness Pet Lenders Take Cuts

Clearlake Capital-backed Wellness Pet Company snagged fresh financing and completed the first step of a debt deal that involves creditors taking a reduction in the value of the original amount they lent, according to people familiar with the matter.

• Through the transaction, lenders can swap into either 70 or 80 cents on the dollar worth of new debt or cash, according to the people familiar, who asked not to be identified discussing private terms
• Members of a group that negotiated the deal received an extra 10 cents on the dollar worth of new debt, some of the people said

In ...