Spectrum Brands gets commitment for $1.5 billion bridge loan

By Sara Rosenberg

New York, April 29 – Spectrum Brands Holdings Inc. has received a commitment for a $1.5 billion bridge facility to back its acquisition of Armored AutoGroup Parent Inc. from Avista Capital Partners for $1.4 billion in cash and assumed debt, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

The company’s plan though is to fund the acquisition with proceeds from equity and debt offerings.

Spectrum recently said in a news release that is expects to get about $500 million from a common stock transaction, including equity to be purchased by HRG Group Inc., for the acquisition.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Jefferies Finance LLC are the leads on the debt.

Closing is expected by June 30, subject to receipt of applicable regulatory approvals and customary conditions.

Spectrum Brands is a Middleton, Wis.-based diversified consumer products company. Armored AutoGroup is a consumer products company consisting primarily of the Armor All and STP brands.

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