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PetSmart Debt Jumps as Retailer Moves to Take Chewy Public

  • Pet superstore files registration for IPO of online business
  • Company’s loan and bonds jump after announcement made
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How Chewy Plans to Spend Its $1 Billion IPO
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PetSmart Inc.’s efforts to take its unit public are proving a boon for bond and loan holders as the company wraps up a dispute with creditors over the booming online business.

The closely held pet superstore filed a registration form Monday for an initial public offering of Chewy. Proceeds from the potential IPO would be used for working capital and other general corporate general purposes, the company said in a statement. The number of shares and the price range for the proposed offering have not been determined, the company said.