Spectrum Brands to price $500 million eight-year notes May 31 week

By Paul A. Harris

St. Louis, June 1 - Spectrum Brands, Inc. will begin a brief roadshow on Wednesday for its $500 million offering of eight-year first-priority senior secured notes (B2/B/), according to an informed source.

The roadshow is scheduled to wrap up on Thursday.

The deal is set to price late in the present week.

Credit Suisse, Bank of America Merrill Lynch and Deutsche Bank Securities Inc. are the joint bookrunners for the offering, which is being made via Rule 144A, with contingent registration rights.

The notes come with four years of call protection and have a 101% poison put.

Proceeds will be used to fund the acquisition of Russell Hobbs, Inc., to refinance existing debt of both companies and for general corporate purposes.

Spectrum Brands is a Madison, Wis.-based consumer products company.

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