Spectrum Brands plans to price $1 billion 10-year notes on Thursday

By Paul A. Harris

Portland, Ore., May 13 – Spectrum Brands, Inc. plans to roll out a $1 billion offering of 10-year senior notes during an investor conference call scheduled to get underway at 10:30 a.m. ET on Thursday, according to a syndicate source.

The Rule 144A and Regulation S for life deal is set to price Thursday afternoon.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Jefferies LLC are the joint bookrunners.

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 Middleton, Wis.-based diversified consumer products company plans to use the proceeds to fund its acquisition of Armored AutoGroup Parent, Inc., a consumer products company consisting primarily of the Armor All and STP brands.

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