Moody’s assigns Spectrum revolver Ba1, notes B2

Moody’s Investors Service said it assigned a Ba1 rating to Spectrum Brands, Inc.’s new senior secured revolving credit facility due 2025 and designated a B2 rating to the company’s new $300 milllion of senior unsecured notes due 2030.

The new $600 million five-year revolving credit facility will replace the $890 million revolving credit facilities due 2022 and will be used for working capital and other general corporate purposes, including the repayment of debt.

Notes proceeds will also be used to repay debt.

“The transactions favorably extend the maturity profile, but the reduction in revolver capacity weakens backup liquidity sources,” Moody’s said in a press release.

Moody’s affirmed the company’s B1 rating and the B2 rating on its other senior unsecured notes at B2. The speculative grade liquidity rating of SGL-1 is unchanged.

The outlook is stable.

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