Spectrum Brands Launches Offering to Reprice All of Its U.S. Dollar Term Loans Under its Credit Agreement
September 22 2016 - 11:34AM
Business Wire
Spectrum Brands Holdings, Inc. (NYSE: SPB), a global consumer
products company with market-leading brands, announced today that
its wholly-owned subsidiary Spectrum Brands, Inc. (“Spectrum
Brands”) is launching a repricing transaction which, if successful,
would replace all of its U.S. dollar-denominated term loans with
new U.S. dollar-denominated term loans that are expected to carry
lower interest rate margins but otherwise be on the same terms,
including the maturity date. Spectrum Brands expects to close this
repricing in October of 2016.
This press release is for informational purposes only and is not
an offer to buy or the solicitation of an offer to sell any
securities.
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 repricing described above, 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/20160922005945/en/
Spectrum Brands Holdings, Inc.Investor/Media
Contact:Dave Prichard608-278-6141
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