New Issue: Spectrum Brands prices $250 million 6 1/8% 10-year notes at par

By Paul A. Harris

Portland, Ore., Dec. 1 – Spectrum Brands, Inc. priced a $250 million issue of 10-year senior notes (B3/B/) at par to yield 6 1/8% in a quick-to-market transaction on Monday, according to a syndicate source.

The yield printed in the middle of the 6% to 6¼% yield talk.

Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. were the joint bookrunners.

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.

Issuer:	Spectrum Brands, Inc.
Amount:	$250 million
Maturity:	Dec. 15, 2024
Securities:	Senior notes
Bookrunners:	Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc.
Coupon:	6 1/8%
Price:	Par
Yield:	6 1/8%
Spread:	391 bps
First call:	Dec. 15, 2019 at 103.063
Equity clawback:	35% at 106.125 until Dec. 15, 2017
Change-of-control put:	101%
Trade date:	Dec. 1
Settlement date:	Dec. 4
Ratings:	Moody's: B3
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	6% to 6¼%
Marketing:	Quick to market

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