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Central Garden & Pet launches $200 million loan
By Sara Rosenberg
New York, April 15 - Central Garden & Pet launched a new $200 million credit facility (Ba2/BB+) on Tuesday, according to market sources. CIBC and SunTrust are the lead banks on the deal.
The loan consists of a $100 million five-year revolver with an interest rate of Libor plus 225 basis points and a $100 million six-year term loan with an interest rate of Libor plus 300 basis points, sources said.
Upfront fees are 12½ basis points for the term loan and ¼ for a commitment of $10 million on the revolver or 3/8 for a commitment of $15 million.
Proceeds will be used to refinance existing debt.
Central Garden & Pet is a Lafayette, Calif. distributor of lawn and garden and pet supply products.
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