PetSmart Adds Investor Protections as $4.7 Billion of Debt Sold

Citigroup Inc. and JPMorgan Chase & Co. priced $4.7 billion of junk-rated debt for PetSmart LLC to refinance lower-yielding borrowings after investor-friendly protections were added to the deals.

The pet retailer sold $2 billion of loans and $2.7 billion of high-yield bonds that come due in 2032 and 2033, according to people familiar with the matter who asked not to be identified as they’re not authorized to speak publicly. The firm initially planned to issue $3 billion of notes and a $1.7 billion loan.