Central Garden & Pet ups revolver to $375 million, extends maturity

By Angela McDaniels

Tacoma, Wash., June 9 - Central Garden & Pet Co. said it amended its senior secured revolving credit facility on Wednesday, increasing the size to $375 million from $275 million and extending the maturity date by a year to June 2016.

The amended revolver bears lower interest rates, commitment fees and interest coverage requirements, according to a company news release.

The interest rate is Libor plus 175 basis points to 275 bps. The minimum interest coverage requirement was reduced to 2.5 times EBITDA from 2.75 times EBITDA.

The facility continues to have a $200 million accordion feature. The increase can take the form of revolving loans or term loans.

The Walnut Creek, Calif.-based company makes products for the lawn and garden market and the pet supplies market.

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