Spectrum Brands firms March 21 launch and structure on $1.65 billion facility

By Sara Rosenberg

New York, March 14 - Spectrum Brands Inc. has firmed up timing on the launch of its proposed $1.65 billion six-year credit facility with the scheduling of a bank meeting for March 21, according to a market source.

In addition, details on the structure of the deal emerged, with tranching to be comprised of a $1.6 billion term loan and a $50 million synthetic letter-of-credit facility, the source said.

Goldman Sachs and Bank of America are the joint lead arrangers and joint bookrunners on the deal, which was previously labeled as next week's business, with Goldman also acting as syndication agent.

Proceeds will be used to refinance the company's existing credit facility.

The refinancing is anticipated to be completed by March 30.

Spectrum Brands is an Atlanta-based consumer products company and a supplier of batteries and portable lighting, lawn and garden care products, specialty pet supplies, shaving and grooming and personal care products, and household insecticides.

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