PetSmart $2.35 billion notes offering
We advised the initial purchasers on the high-yield notes offering

Davis Polk advised the initial purchasers in connection with a Rule 144A/Regulation S offering by PetSmart LLC (f/k/a PetSmart, Inc.) and PetSmart Finance Corp. of $1.2 billion of their 4.75% senior first-lien notes due 2028 and $1.15 billion of their 7.75% senior notes due 2029.

 PetSmart is the nation’s leading specialty pet retailer and is a portfolio company of BC Partners, Inc. and its affiliates. Founded in 1987, PetSmart operates 1,650 stores across the United States, Canada and Puerto Rico.

The Davis Polk capital markets team included partners Michael Kaplan and Marcel Fausten and associates Dan Gibbons and Caroline Armstrong. The Davis Polk finance team included partners Kenneth J. Steinberg and Meyer Dworkin and associate Christopher Nairn-Kim. The Davis Polk equity derivatives team included partner Derek Walters. Partner Po Sit and associate Tomislava Dragicevic provided tax advice. All members of the Davis Polk team are based in the New York office.