Thrive Pet Healthcare Eyes New Debt and More Time From Lenders

Thrive Pet Healthcare is talking with its lenders to extend debt for several years amid efforts to deal with $1.6 billion of borrowings.

The TSG Consumer Partners-backed company is negotiating to obtain around $240 million of new senior debt, an extension of maturities on existing borrowings until at least mid-2028 and some payment-in-kind features that would allow it to defer cash interest payments, according to people familiar with the matter.

Negotiations are expected to wrap up before a Thrive revolving credit facility matures at the end of this month, said the people, who asked not to be identified as ...