Central Garden & Pet tenders for $150 million in 9 1/8% senior notes

By Devika Patel

Knoxville, Tenn., Feb. 22 - Central Garden & Pet Co. said it has begun a cash tender offer for its $150 million in 9 1/8% senior subordinated notes due 2013.

The company is also soliciting consents to amend the notes' indenture in order to eliminate the restrictive covenants and some default provisions.

The offer is scheduled to expire at midnight ET on March 19.

Holders who tender prior to the consent deadline of 5 p.m. ET on March 5 will receive the total consideration of $1,015.21 per $1,000 in notes, which includes a consent payment of $15.21 per note plus interest up to, but not including, the payment date.

Holders whose notes are tendered prior to the consent deadline could receive payment as early as March 8.

Notes tendered after the consent deadline but prior to the expiration date will be bought back at par plus interest up to, but not including, the payment date.

The offer is conditional, among other things, upon the company completing a financing resulting in sufficient proceeds to finance the tender offer.

Georgeson Inc. (888 877-5418 or 212 440-9800) is the information agent. J.P. Morgan Securities Inc. (800 245-8812) is the dealer manager for the tender offer and solicitation agent for the consent solicitation.

Central Garden & Pet is a Walnut Creek, Calif., marketer and producer of products for pets, lawns and gardens.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.