Petco (WOOF) Completes Debt Refinancing Amid Leadership Transition

Petco Health and Wellness Company Inc. (NASDAQ:WOOF) is one of the best stocks under $3 to invest in. On February 2, Petco Health and Wellness Company Inc. (NASDAQ:WOOF) announced that it had completed its long-term debt refinancing. As part of its strategy to become more financially flexible and reduce leverage, Petco Health and Wellness Company Inc. (NASDAQ:WOOF) undertook measures to refinance $1.5 billion of its current term loan, as it seeks to transition its business model while facing challenges in the competitive pet retail sector. This refinancing included a $50 million voluntary prepayment in December 2025 and the recent issuance of $600 million in senior secured notes at an annual interest rate of 8.25%.

The company also announced that Glenn Murphy has changed his role from Executive Chairman, a position he has held since May 2024, “a period of great transformation for the company”, according to Petco CEO Joel Anderson. Murphy’s new role is Chairman of the Board of Directors, effective February 1.

Petco Health and Wellness Company Inc. (NASDAQ:WOOF) is a retailer of pet-oriented products and services, operating more than 1,500 stores across the U.S., Mexico, and Puerto Rico. The company provides services such as veterinary care, grooming, training, tele-health, and pet health insurance services, while its products include pet consumables and supplies.

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Disclosure: None. This article is originally published at Insider Monkey.