New Issue: Central Garden & Pet $150 million 10-year notes yield 9 1/8%

By Paul A. Harris

St. Louis, Jan. 24 - Central Garden & Pet Co. priced $150 million of senior subordinated notes due Feb. 1, 2013 (B2/B+) at par on Friday to yield 9 1/8%, according to a syndicate source.

Price talk was revised Friday morning to 9 1/8%-9¼% from the 9¼% area, according to the source.

Banc of America Securities and CIBC World Markets were joint bookrunners. SunTrust Robinson Humphries and Jefferies & Co. were co-managers.

Proceeds from the Rule 144A deal will be used to redeem outstanding convertible notes and repay bank debt.

The issuer is a Lafayette, Calif. marketer and producer of products for the pet and lawn and garden supplies markets.

Issuer:	Central Garden & Pet Co.
Amount:	$150 million
Maturity:	Feb. 1, 2013
Securities description:	Senior subordinated notes
Bookrunners:	Banc of America Securities, CIBC World Markets (books)
Co-managers:	SunTrust Robinson Humphries, Jefferies & Co.
Coupon:	9 1/8%
Price:	Par
Yield:	9 1/8%
Spread:	525 basis points
Call features:	Callable on Feb. 1, 2008 at 104.565, 103.042, 101.521, par on Feb. 1, 2011 and thereafter
Equity clawback:	Until Feb. 1, 2006 for 33% at 109.125
Settlement date:	Jan. 30, 2003
Ratings:	Moody's: B2
	Standard & Poor's: B+
Rule 144A Cusip:	153527AD8
Price talk:	9 1/8%-9 ¼% (revised from 9¼% area on Jan. 24)

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