Spectrum Brands Holdings, Inc. (NYSE: SPB) announced today that
its wholly owned subsidiary Spectrum Brands, Inc. (“Spectrum
Brands”) completed its cash tender offer (the “Tender Offer”) to
purchase any and all of Spectrum Brands’ 6.375% Senior Notes due
2020 (the “Notes”). The Tender Offer expired at 5:00 p.m., New York
City time, on September 19, 2016 (the “Expiration Date”). Spectrum
Brands received tenders from the holders of $390,320,000 of its
outstanding Notes. Spectrum Brands has accepted for purchase all
Notes which were validly tendered prior to the Expiration Date.
In addition, Spectrum Brands has instructed the trustee under
the indenture governing the Notes (the “Indenture”) to redeem the
remaining $129,680,000 aggregate principal amount of Notes at a
redemption price equal to 100% of such Notes plus the Applicable
Premium (as defined in the Indenture) and accrued and unpaid
interest to, but not including, the redemption date. The redemption
of the Notes will occur on October 20, 2016.
This press release does not constitute a notice of redemption
under the optional redemption provisions of the indenture governing
the Notes, nor does it constitute an offer to sell, or a
solicitation of an offer to buy, any security. No offer,
solicitation, or sale will be made in any jurisdiction in which
such an offer, solicitation, or sale would be unlawful.
About Spectrum Brands Holdings, Inc. and Spectrum Brands,
Inc.
Spectrum Brands Holdings, a member of the Russell 1000 Index, is
a global consumer products company offering an expanding portfolio
of leading brands providing superior value to consumers and
customers every day. The Company is a leading supplier of consumer
batteries, residential locksets, residential builders’ hardware,
plumbing, shaving and grooming products, personal care products,
small household appliances, specialty pet supplies, lawn and garden
and home pest control products, personal insect repellents, and
auto care products. Helping to meet the needs of consumers
worldwide, our Company offers a broad portfolio of market-leading,
well-known and widely trusted brands including Rayovac®, VARTA®,
Kwikset®, Weiser®, Baldwin®, National Hardware®, Pfister®,
Remington®, George Foreman®, Russell Hobbs®, Black+ Decker®,
Tetra®, Marineland®, Nature’s Miracle®, Dingo®, 8-in-1®,
FURminator®, IAMS®, Eukanuba®, Digest-eeze™, Healthy-Hide®,
Littermaid®, Spectracide®, Cutter®, Repel®, Hot Shot®, Black Flag®,
Liquid Fence®, Armor All®, STP® and A/C PRO®. Spectrum Brands'
products are sold by the world's top 25 retailers and are available
in more than one million stores in approximately 160 countries.
Based in Middleton, Wisconsin, Spectrum Brands Holdings generated
net sales of approximately $4.69 billion in fiscal 2015. For more
information, visit www.spectrumbrands.com.
Forward-Looking Statements
Certain matters discussed in this news release and other oral
and written statements by representatives of the Company regarding
matters such as the Tender Offer, expected sales, adjusted EBITDA,
debt reduction and leverage, and other measures of financial
performance, may be forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These
statements are identified by words such as “future,” “anticipate”,
“intend,” “plan,” “estimate,” “believe,” “expect,” “project,”
“forecast,” “could,” “would,” “should,” “will,” “may,” and similar
expressions of future intent or the negative of such terms. These
statements are subject to a number of risks and uncertainties that
could cause results to differ materially from those anticipated as
of the date of this release. Actual results may differ materially
as a result of (1) Spectrum Brands’ ability to manage and otherwise
comply with its covenants with respect to its significant
outstanding indebtedness, (2) our ability to finance, complete,
integrate, and realize synergies from acquisitions, (3) risks
related to changes and developments in external competitive market
factors, such as introduction of new product features or
technological developments, development of new competitors or
competitive brands or competitive promotional activity or spending,
(4) changes in consumer demand for the various types of products
Spectrum Brands offers, (5) unfavorable developments in the global
capital markets, (6) the impact of overall economic conditions on
consumer spending, (7) fluctuations in commodities prices, the
costs or availability of raw materials or terms and conditions
available from suppliers, (8) changes in the general economic
conditions in countries and regions where Spectrum Brands does
business, such as stock market prices, interest rates, currency
exchange rates, inflation and consumer spending, (9) Spectrum
Brands’ ability to successfully implement manufacturing,
distribution and other cost efficiencies and to continue to benefit
from its cost-cutting initiatives, (10) Spectrum Brands’ ability to
identify, develop and retain key employees, (11) unfavorable
weather conditions and various other risks and uncertainties,
including those discussed herein and those set forth in the
securities filings of each of Spectrum Brands Holdings, Inc. and
SB/RH Holdings, Inc., including each of their most recently filed
Annual Reports on Form 10-K or Quarterly Reports on Form 10-Q.
Spectrum Brands also cautions the reader that its estimates of
trends, market share, retail consumption of its products and
reasons for changes in such consumption are based solely on limited
data available to Spectrum Brands and management’s reasonable
assumptions about market conditions, and consequently may be
inaccurate, or may not reflect significant segments of the retail
market. Spectrum Brands also cautions the reader that undue
reliance should not be placed on any forward-looking statements,
which speak only as of the date of this release. Spectrum Brands
undertakes no duty or responsibility to update any of these
forward-looking statements to reflect events or circumstances after
the date of this report or to reflect actual outcomes.
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version on businesswire.com: http://www.businesswire.com/news/home/20160920006205/en/
Investor/Media Contact:Spectrum Brands Holdings,
Inc.Dave Prichard608-278-6141
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