S&P rates Spectrum Brands B-

Standard & Poor's said it assigned a B- rating to Spectrum Brands Inc.'s proposed $275 million senior unsecured notes issuance.

The recovery rating on the proposed notes is 5, which indicates 10% to 30% expected recovery in a default.

The proceeds will be used to refinance its existing 12% senior subordinated notes due 2019, to pay the tender premium and to pay estimated fees and expenses.

The B corporate credit rating on Spectrum Brands reflects an assessment that the company continues to have a weak business risk profile and a highly leveraged financial risk profile, S&P said.

The company's businesses remain highly competitive, the agency said, and its input costs remain volatile.

© 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.