United Industries to Refinance Senior Credit Facility
March 02 2004 - 8:50AM
PR Newswire (US)
United Industries to Refinance Senior Credit Facility ST. LOUIS,
March 2 /PRNewswire/ -- United Industries Corporation today
announced that it plans to refinance its existing senior credit
facility with a new senior facility of $510 million consisting of a
$385 million term loan and $125 million revolver. The new facility
will be used to finance the acquisition of The Nu-Gro Corporation
(Toronto Stock Exchange - symbol: NU) announced on March 2, 2004
and to redeem United's outstanding preferred stock and the
remainder of its outstanding 9.875% notes. The company noted that
the new senior credit facility will provide increased financial
flexibility with more favorable interest rates. The facility is
being arranged by Bank of America and Citigroup, which also acted
as the company's M&A advisor on the transaction. About United
Industries Corporation United Industries Corporation, which goes to
market as Spectrum Brands (http://www.spectrumbrands.com/), is the
leading manufacturer and marketer of value-oriented products for
the consumer lawn and garden care and insect control markets in the
U.S. The company's household brands include Hot Shot(R), Cutter(R)
and Repel(R). The company's lawn and garden brands include
Spectracide(R), Spectracide Triazicide(R), Spectracide
Terminate(R), Garden Safe(R), Real-Kill(R) and No-Pest(R) in the
controls category as well as Sta-Green(R), Vigoro(R), Schultz(TM),
Peters(R), Bandini(R) and Best(R) brands in the lawn and garden
fertilizer and organic growing media categories. Founded in 1969,
the company is headquartered in St. Louis, Missouri. (Bloomberg
Symbol: 14496Z) Certain statements in this press release regarding
our business, with the exception of historical facts, may be
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21G of the Securities
Exchange Act of 1934, as amended, which involve risks and
uncertainties, many of which are beyond our control. When, and if,
used herein, the words "will," "should," "believe," "plan," "may,"
"strategies," "goals," "anticipate," "indicate," "intend,"
"determine," "estimate," "expect," "project," and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such
identifying words. All forward-looking statements apply only as of
the date they are disclosed and are based on the Company's
expectations at that time. Actual results could differ materially
from these statements as a result of weather conditions, our
retailer line item reviews, the loss of customers or product
listings, changes in external competitive market factors,
unanticipated changes in the financial performance of us, our
customers, our industry or the economy in general, public
perception regarding the safety of our products, as well as various
other factors described in our filings with the U.S. Securities and
Exchange Commission. We do not undertake any obligation to update
or revise publicly any forward-looking statements made by us or on
our behalf, whether as a result of new information, future events
or otherwise. Although we believe that our plans, intentions and
expectations reflected in or suggested by any forward-looking
statements we make herein are reasonable, we can give no assurance
that such plans, intentions or expectations will be achieved.
DATASOURCE: United Industries Corporation CONTACT: Jenna Focarino
of the Miller DeMartine Group, +1-203-221-2790, , for United
Industries Corporation Web site:
http;//http://www.spectrumbrands.com/
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