Reuters reported that Petsmart has not been able to digest its acquisition of Chewy.com. The company’s $4.2 billion leveraged loan has fallen in the U.S. secondary market.
Reuters reported that the national pet chain PetSmart is the latest U.S. retailer to see its loans fall below 90% of face value as technology disruption threatens to boost borrowing costs.
Reuters reported that a slow start to the year in the U.S. leveraged loan market is expected to ensure that a $4.3 billion highly leveraged loans backing pet retailer PetSmart’s private equity buyout will find buyers.