CREDIT DAYBOOK AMERICAS: PetSmart Refi is Set to Close Busy Week

PetSmart is poised to price $4.7 billion of junk bonds and loans on Friday, capping another active week in US debt capital markets.

• The package from the retailer, which is undertaking the deal to refinance debt, is set to include $3 billion of high-yield notes
  • There’s already been $11.4 billion of US junk bonds sold this week, and if completed as planned the PetSmart deal would make this the busiest week since 2021
  • PetSmart is the only leveraged-loan deal with lender commitments due Friday, though pricing details are still awaited on about a dozen transactions that were due Thursday
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