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Spectrum Brands asks court to OK $242 million exit loan commitment
By Caroline Salls
Pittsburgh, June 15 - Spectrum Brands, Inc. requested court approval of a commitment for a $242 million three-year senior secured exit financing facility from General Electric Capital Corp., according to a Monday filing with the U.S. Bankruptcy Court for the Western District of Texas.
Specifically, GE Capital has agreed to provide, arrange and syndicate the exit facility.
The proposed facility would include a $197 million revolving credit facility with a $60 million letter-of-credit subfacility and a $30 million swingline loan subfacility, as well as a $45 million first-in, last-out supplemental loan.
According to the filing, the exit facility also provides for the potential of up to $103 million in additional revolving loan facilities.
Interest would be Libor plus 400 basis points on the senior revolver, with a 2.5% Libor floor, and Libor plus 1,450 bps on the supplemental loan, with a 3% Libor floor.
Spectrum said GE Capital has committed to provide up to $15 million of the incremental facilities.
Spectrum Brands is an Atlanta-based consumer products company and supplier of batteries, lawn and garden products, pet supplies, shaving and grooming products, household insect control products, personal care products and portable lighting.
The company filed for bankruptcy on Feb. 3. Its Chapter 11 case number is 09-50455.
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