Spectrum Brands Launches Offering to Reprice All of Its U.S. Dollar Term Loans Under its Credit Agreement
March 16 2017 - 8:00AM
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 April of 2017.
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.
Spectrum Brands Holdings, a member of the Russell 1000 Index, is
a global and diversified consumer products company and 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®, Black + Decker®, Tetra®,
Marineland®, Nature’s Miracle®, Dingo®, 8-in-1®, FURminator®,
IAMS®, Eukanuba®, Healthy-Hide®, Digest-eeze™, Littermaid®,
Spectracide®, Cutter®, Repel®, Hot Shot®, Black Flag®, Liquid
Fence®, Armor All®, STP® and A/C PRO®. Spectrum Brands' products
are sold in approximately 160 countries. Spectrum Brands Holdings
generated net sales of approximately $5.04 billion in fiscal 2016.
For more information, visit www.spectrumbrands.com.
Forward-Looking Statements
Certain matters discussed herein and other oral and written
statements made by representatives of Spectrum Brands and its
affiliates regarding matters such as the repricing described above
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 to 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 retailer and 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) risks related to the United Kingdom’s 2016
referendum, which called for its exit from the European Union, (10)
Spectrum Brands’ ability to successfully implement manufacturing,
distribution and other cost efficiencies and to continue to benefit
from its cost-cutting initiatives, (11) Spectrum Brands’ ability to
identify, develop and retain key employees, or (12) unfavorable
weather conditions and various other risks and uncertainties,
including those discussed herein and those set forth in the filings
pursuant to the federal securities laws of each of Spectrum Brands
Holdings, Inc. and SB/RH Holdings, LLC, 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 release or to reflect actual outcomes.
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version on businesswire.com: http://www.businesswire.com/news/home/20170316005682/en/
Spectrum Brands Holdings, Inc.Investor/Media
Contact:Dave Prichard, 608-278-6141
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