Spectrum Brands pays down another $100 million of term debt

By Susanna Moon

Chicago, Sept. 30 - Spectrum Brands Holdings, Inc. said it paid down another $100 million of term debt, bringing the total amount of paydowns for the fiscal 2013 to $200 million.

"We are executing on our program to pay down debt and reduce leverage through our strong free cash flow generation," Dave Lumley, chief executive officer of Spectrum, said in a company press release.

The company's long-term objective is to maintain a total leverage ratio between 2.5 times and 3.5 times, Lumley said.

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

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