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Spectrum launches $350 million term loan at Libor plus 225-250 bps
By Sara Rosenberg
New York, Feb. 16 – Spectrum Brands Inc. held a lender call at 2 p.m. ET on Tuesday to launch a $350 million term loan B that is talked at Libor plus 225 basis points to 250 bps with a 0.5% Libor floor and an original issue discount of 99.5, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
RBC Capital Markets is the left lead arranger on the deal.
Commitments are due at noon ET on Feb. 23, the source added.
Proceeds will be used with an offering of new notes and cash on hand to redeem 6 1/8% senior notes due 2024 and 5¾% senior notes due 2025.
Spectrum Brands is a Middleton, Wis.-based consumer products company.
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