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
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