Phoenix-based PetSmart Inc. announced on Friday that it is looking to raise $1.35 billion through a private debt offering of senior first lien notes, due in 2025.
The company is also anticipating another $1 billion in funds, provided as an equity contribution from an existing investor group.
PetSmart plans to use the proceeds to finance the acquisition it announced in April of online pet retailer Chewy Inc. and to pay related fees and expenses.
PetSmart is the nation’s largest pet retailer with approximately 1,500 hundred stores. Chewy Inc. is an online retailer.
The latest U.S Pet Market Outlook annual report says 40 percent of pet owners buy products online.
