Central Garden & Pet Company, a leading innovator, marketer and producer of quality branded products for the lawn and garden and pet supplies markets, announced the amendment of its $275 million five-year senior secured revolving credit facility (the “Credit Facility”) effective June 8, 2011.
Under the modified terms, the Credit Facility has a borrowing capacity of $375 million, an increase of $100 million, and an extension of the maturity date by approximately one year to June 2016. Further, the Credit Facility bears lower interest rates, commitment fees and interest coverage requirements.
Officials credit the advantageous bank market environment and the company’s solid operating performance for assisting with this favorable amendment. The amendment increases the company’s financial flexibility to strategically invest and grow.