Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers S > Headlines for Spectrum Brands Inc. > News item |
Spectrum cuts spread on $350 million term loan to Libor plus 200 bps
By Sara Rosenberg
New York, Feb. 19 – Spectrum Brands Inc. trimmed pricing on its $350 million term loan B (Ba1/BB-) to Libor plus 200 basis points from talk in the range of Libor plus 225 bps to 250 bps, according to a market source.
Additionally, the original issue discount on the term loan was tightened to 99.75 from 99.5, the source said.
As before, the term loan has a 0.5% Libor floor and 101 soft call protection for six months.
RBC Capital Markets is the left lead arranger on the deal.
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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.