FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Spectrum Brands Announces Intention to Replace Existing Term Loan Facility

June 03, 2015, 07:16 AM
Filed Under: Consumer Products

Spectrum Brands Holdings, a global consumer products company with market-leading brands, announced that its wholly owned subsidiary Spectrum Brands, Inc. intends to replace all of its outstanding indebtedness under its existing term loans and asset based lending revolving credit facility (the “Existing Facilities”) with a new senior secured credit facility consisting of term loans in the amount of U.S.$1,450 million, €300 million and CAD$75 million and a US$500 million revolving credit facility (the “New Facilities”). At March 29, 2015, the Existing Facilities consisted of senior secured term loans of approximately U.S.$1,580 million and a US$400 million asset-based lending revolving credit facility. Spectrum Brands also intends to use a portion of the proceeds of the New Facilities to retire the US$300 million aggregate principal amount of its 6.750% Senior Notes due 2020 currently outstanding.

Spectrum Brands said it expects that the refinancing will allow it to consolidate the tranches, and extend the maturities, of its existing credit facilities and increase operating liquidity.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.