Spectrum Brands plans to draw on revolver to partly fund tender offer

By Wendy Van Sickle

Columbus, Ohio, Sept. 12 – Spectrum Brands Holdings, Inc. wholly owned subsidiary Spectrum Brands, Inc. plans to draw on its revolving credit facility to partially fund a cash tender offer for any and all of its $520 million of outstanding 6 3/8% senior notes due 2020 and to redeem any of the notes left outstanding after the offer expires, according to a press release.

The company also plans to use proceeds of one or more debt securities offerings to fund the tender offer, which launched Monday and runs through 5 p.m. ET on Sept. 19, and its planned subsequent call of the remaining notes.

The tender offer is conditioned upon completion of the debt securities offerings totaling at least €375 million.

Spectrum Brands is a Middleton, Wis.-based diversified consumer products company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.