Wed 09/14/2022 10:50 AM
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Lenders rejected an effort by Petco to transition the base rate for its $1.68 billion senior secured term loan to SOFR from LIBOR without a credit spread adjustment, according to sources.

Citibank, the administrative agent for the loan, received objections to the transition from over 50% of required lenders, the sources said.

Petco notified lenders of its intention to amend the facility on Aug. 31. It would have been deemed effective had Citibank not received objections from over 50% of...
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