PRESS RELEASE DATED 11/11/96
Published on November 13, 1996
EXHIBIT 99.1
[LETTERHEAD OF CENTRAL GARDEN & PET]
Corporate Office
3696 Mt. Diablo Blvd., Suite 310
Lafayette, CA 94549
(510) 283-4573
(510) 283-4984
FOR IMMEDIATE RELEASE
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Contact: Gregory Reams
Central Garden & Pet
510/283-4573
Paul Verbinnen/Debbie Miller
Sard Verbinnen & Co
212/687-8080
CENTRAL GARDEN & PET COMPANY ANNOUNCES
SALE OF CONVERTIBLE SUBORDINATED NOTES DUE 2003
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LAFAYETTE, CA, November 11, 1996 --- Central Garden & Pet Company
(NASDAQ: CENT) announced today that it 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 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 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 under the
Securities Act of 1933.
Central Garden & Pet Company is the leading national distributor of
lawn, garden and pet supply products.
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