Fri 09/02/2022 15:00 PM
Petco is seeking 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.
The company notified lenders of its intention to amend the facility on Wednesday, Aug. 31. The amendment will be deemed effective if administrative agent Citibank does not receive objections from over 50% of required lenders by Thursday, Sept. 8, at 5 p.m. ET, the sources said.
The loan currently bears a
margin of LIBOR...
This article is an example of the content you may receive if you subscribe to a product of Reorg Research, Inc. or one of its affiliates (collectively, “Reorg”). The information contained herein should not be construed as legal, investment, accounting or other professional services advice on any subject. Reorg, its affiliates, officers, directors, partners and employees expressly disclaim all liability in respect to actions taken or not taken based on any or all the contents of this publication. Copyright © 2024 Reorg Research, Inc. All rights reserved.