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S&P: Central Garden & Pet on watch
Standard & Poor's said it placed its ratings on Central Garden & Pet Co., including its BB corporate credit rating, on CreditWatch with negative implications.
Affected ratings include the company's senior secured bank loan at BB+ and subordinated debt at B+.
S&P said the CreditWatch listing follows the announcement by Central Garden that it has agreed to acquire the stock of Farnam Cos. Inc. for about $287 million, plus $4 million for the purchase of related real property.
S&P said it estimates Central Garden's existing lease adjusted average total debt to EBITDA of about 3.3 times will increase to well over 4 times following the proposed acquisition.
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