Central Garden & Pet extends credit facility for two years

By Sara Rosenberg

New York, July 12 - Central Garden & Pet Co. extended its revolving credit facility with Congress Financial Corp. for two years, changing the maturity date to July 2004. Furthermore, the company lowered the size of the revolver to $125 million from $200 million.

The change in the revolver's size is "due to lower borrowing requirements," the company said in a press release. "The terms of the extended facility also provide improvements in borrowing base availability and operational flexibility."

Currently the company has an outstanding balance of $57.4 million under the revolver.

Central Garden & Pet is a Lafayette, Calif. producer of consumer garden and pet products.

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