Spectrum Brands to launch $1.1 billion term loan B on Friday

By Sara Rosenberg

New York, Sept. 22 – Spectrum Brands Inc. is set to hold a lender call at 10 a.m. ET on Friday to launch a $1.1 billion term loan B due June 23, 2022, according to a market source.

Deutsche Bank Securities Inc. is the bookrunner on the deal.

The term loan B has 101 soft call protection for six months, the source said.

Proceeds will be used to reprice the company’s existing term loan B from Libor plus 300 basis points with a 0.75% Libor floor.

Commitments are due at 3 p.m. ET on Sept. 30, the source added.

Closing is expected in October.

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

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