U.S. Home & Garden completes credit facility, to pay trust preferred distribution

New York, Nov. 4 - U.S. Home & Garden Inc. said it completed a new $35 million senior secured credit facility which will allow it to make the distribution originally due in October to holders of its 9.4% cumulative trust preferred securities.

The San Francisco lawn and garden products company said its new credit facility is via Foothill Capital Corp. as administrative agent. Foothill Capital will also be the lender on the $23 million revolver while Ableco Finance LLC is providing a $12 million term loan.

U.S. Home & Garden said the facility is expected to satisfy its financing requirements for the next three years.

Payment of the trust preferred distribution had been deferred pending completion of the new credit facility.

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