Spectrum Brands to sell $250 million 10-year notes in Monday drive-by

By Paul A. Harris

Portland, Ore., Dec. 1 – Spectrum Brands, Inc. plans to price a $250 million offering of 10-year senior notes Monday afternoon trailing a late-morning conference call with investors, according to a syndicate source.

Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the joint bookrunners for the Rule 144A and Regulation S with registration rights offering.

The notes become callable after five years at par plus 50% of the coupon and feature a three-year 35% equity clawback and a 101% poison put.

The Madison, Wis.-based consumer products company plans to use the proceeds to fund the acquisition of Procter & Gamble Co.’s Pet Care business, as well as to repay bank debt and for general corporate purposes.

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