Clearlake-Backed Pet Firm Wins Time, Money as Debt Is Cut

Clearlake Capital-backed Wellness Pet Company snagged fresh financing and completed the first step of a debt deal that involves creditors taking a reduction in the value of the original amount they lent, according to people familiar with the matter.

The pet-food supplier landed $100 million of new financing from the deal, which involves pushing its debt maturities out to 2029, the company said in a press release.