Spectrum Brands voluntarily repays $20 million term loan borrowings

By Sara Rosenberg

New York, Dec. 20 - Spectrum Brands Holdings Inc. repaid $20 million of its senior secured term loan, according to a news release.

With the prepayment, the loan has been reduced to $680 million.

"Given our expectations for increasing free cash flow generation, we plan to achieve a cumulative debt reduction on our term loan of at least $200 million in our current fiscal 2011, which began on Oct. 1," Dave Lumley, chief executive officer, said in the release.

"As we have said, our top priority use of free cash flow is aggressive debt reduction to reach a target leverage ratio of 3 times or less over the next two years," Lumley added.

Spectrum Brands is an Atlanta-based consumer products company.

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