Central Garden & Pet Announces Pricing of $50 Million of Senior Subordinated Notes
February 08 2012 - 9:50AM
Business Wire
Central Garden & Pet Company (NASDAQ:CENT) (NASDAQ:CENTA)
(“Central”) today announced that it has priced a private placement
of $50 million of its 8.25% senior subordinated notes due 2018 at
price of 98.501% of the principal amount of the notes, plus accrued
interest from September 1, 2011 to the closing date. The notes are
part of a series of 8.25% senior subordinated notes due 2018 issued
by the company on March 8, 2010. After completion of the offering,
the aggregate principal amount of the 8.25% senior subordinated
notes due 2018 will total $450 million. Central intends to use the
net proceeds from the offering to pay a portion of the outstanding
balance under its senior secured revolving credit facility.
The notes are being made available in a private offering that is
exempt from the registration requirements of the Securities Act of
1933 (the “Securities Act”), with closing expected to occur on
February 13, 2012, subject to customary closing conditions.
The notes are being offered only to “qualified institutional
buyers” as defined in Rule 144A under the Securities Act. The notes
have not been registered under the Securities Act or any state
securities laws and may not be offered or sold in the United States
absent registration except pursuant to an applicable exemption from
the registration requirements of the Securities Act and applicable
state securities laws.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy the notes or any other security,
nor will there be any sale of any security in any state in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state.
Central Garden & Pet Company is a leading innovator,
marketer and producer of quality branded products for the lawn
& garden and pet supplies markets. Committed to new product
innovation, our products are sold to specialty independent and mass
retailers. Participating categories in Lawn & Garden include:
Grass seed and the brands PENNINGTON®, SMART SEED® and THE REBELS®;
wild bird feed and the brand PENNINGTON®; weed and insect control
and the brands AMDRO®, SEVIN®, IRONITE® and OVER-N-OUT®; and
decorative outdoor patio products and the brands NORCAL POTTERY®,
NEW ENGLAND POTTERY® and MATTHEWS FOUR SEASONS™. We also provide a
host of other regional and application-specific garden brands and
supplies. Participating categories in Pet include: Animal health
and the brands ADAMS™ and ZODIAC®; aquatics and reptile and the
brands OCEANIC SYSTEMS®, AQUEON® and ZILLA®; bird & small
animal and the brands KAYTEE®, SUPER PET® and CRITTER TRAIL®; dog
& cat and the brands TFH™, NYLABONE®, FOUR PAWS®, PINNACLE® and
AVODERM®; and equine and the brands FARNAM®, BRONCO® and SUPER
MASK®. We also provide a host of other application-specific pet
brands and supplies. Central Garden & Pet Company is based in
Walnut Creek, California, and has approximately 4,100 employees,
primarily in North America. For additional information on Central
Garden & Pet Company, including access to the Company’s SEC
filings, please visit the Company’s website at www.central.com.
“Safe Harbor” Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained in this release which
are not historical facts, including achieving sustainable long-term
growth and improved profitability, forecasted cost reductions and
sales increases and improved efficiency and profitability from the
Company’s transformation initiatives, are forward-looking
statements that are subject to risks and uncertainties that could
cause actual results to differ materially from those set forth in
or implied by forward-looking statements. These risks are described
in the Central’s Annual Report on Form 10-K, filed on November 21,
2011, and other Securities and Exchange Commission filings. Central
undertakes no obligation to publicly update these forward-looking
statements to reflect new information, subsequent events or
otherwise.
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