Clearlake-Backed Pet Firm Wins Time, Money as Debt Is Cut (1)

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.

The pet-food supplier landed $100 million of new financing from the deal, which involves pushing its debt maturities out to 2029, the company said in a press release.

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 ...