Central Garden & Pet announces sale of convertible subordinated notes due 2003.LAFAYETTE, Calif.--(BUSINESS WIRE)--Nov. 11, 1996--Central Garden & Pet Co. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CENT) announced today that it had sold in a private placement $100,000,000 aggregate principal amount of 6% convertible subordinated notes due 2003 (the "Notes")(plus up to an additional $15,000,000 to cover allotments, if any). The notes are not callable Callable Applies mainly to convertible securities. Redeemable by the issuer before the scheduled maturity under specific conditions and at a stated price, which usually begins at a premium to par and declines annually. for three years and will be convertible into Central Garden Common Stock at an initial conversion price of $28.00 per share. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the offering will be used to repay short-and long-term indebtedness and for potential acquisitions and general corporate purposes, including the pending acquisition of the United States and Canada flea and tick business of Sandoz Agro Inc. The notes and the common stock issuable upon conversion thereof have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The issuance of the notes has been structured to allow secondary market trading under Rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. under the Securities Act of 1933. Central Garden & Pet Co. is the leading national distributor of lawn, garden and pet supply products. CONTACT: Central Garden & Pet, Lafayette Gregory Reams REAMS Resource Evaluation And Management System , 510/283-4573 or Sard Verbinnen & Co., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Paul Verbinnen/Debbie Miller, 212/687-8080 |
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