Altria, Fiserv, PetSmart Offer $4.7 Billion of New Debt

Three U.S. companies moved to refinance or raise funds on Monday, underscoring continuing demand for corporate credit. Pet retailer PetSmart opened a $1.7 billion leveraged loan, saying the proceeds will form part of a broader multibillion-dollar debt refinancing package. In the investment-grade bond market, cigarette maker Altria launched a $1 billion two-part offering comprising $500 million of five-year notes priced 85 basis points over Treasuries and $500 million of 10-year notes at a 112-basis-point spread. Payments technology firm Fiserv followed with a $2 billion sale split evenly between five-year notes at +87 basis points and 10-year notes at +107 basis points. The deals add to a combined $4.7 billion of new supply, indicating investor appetite across both loan and bond segments as companies seek to lock in funding ahead of potential market shifts.