|
|
 |
|
Viewing report
|
|
|
|
Bulletin: Central Garden & Pet Co. Ratings Unaffected By Proposed Add-On To 8.25% Notes Feb 12
Standard & Poors, Feb 2012
Abstract
CHICAGO (Standard & Poor's) Feb. 8, 2012--Standard & Poor's Ratings Services said today that it is maintaining its ratings, including its 'B+' corporate credit rating, 'BB' senior secured debt rating, and 'B' senior subordinated debt rating, on Walnut Creek, Calif.-based Central Garden & Pet Co. following the company's proposed $50 million tack-on offering to its existing 8.25% senior subordinated notes due March 2018. The offering brings the total notes issuance size to $450 million. We expect the company will use net proceeds from this offering to repay senior secured debt and for general corporate purposes. We forecast the ratio of adjusted total debt to EBITDA will remain in the 4x area through the end of fiscal 2012. The speculative-grade ratings...
Companies mentioned in this report are: Central Garden & Pet Co.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
|
|
|
|
