Central Garden & Pet Company Amends and Extends Its Revolving Credit Facility

Central Garden & Pet Company CENT CENTA today announced the amendment of its $275 million five-year senior secured revolving credit facility effective June 8, 2011. Under the modified terms, the Credit Facility has a borrowing capacity of $375 million, an increase of $100 million, and an extension of the maturity date by approximately one year to June 2016. Further, the Credit Facility bears lower interest rates, commitment fees and interest coverage requirements. Interest on the amended Credit Facility is based, at the Company's option, on a rate equal to the Alternate Base Rate (ABR), which is the greater of: the Prime Rate, the Federal Funds rate plus 1/2 of 1%, or one month LIBOR plus 1%, all of which have an additional fluctuating margin of 0.75% to 1.75%. Alternatively, the Company could choose a rate of LIBOR plus a margin, which would fluctuate from 1.75% to 2.75%. The minimum interest coverage requirement was reduced to 2.50 times EBITDA from 2.75 times EBITDA.