Citigroup Resigns as PetSmart’s Term Loan Agent
- The bank instructed lenders of its resignation on June 19
- Secured lenders said to tell Citi not to release guarantees
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Citigroup Inc. has resigned as a fight brews over PetSmart Inc.’s decision to transfer an asset out of lenders’ reach, according to people with knowledge of the matter.
The bank told PetSmart that it resigned as of June 19, said the people, who asked not to be identified because the matter is private. Without Citigroup, which had been administrative agent under the company’s credit agreement dated March 2015, PetSmart will need to appoint a successor for the role.