Spectrum Brands Holdings Inc (SPB)

[Enterprising Investor]

Buyback Authorization and Deleveraging (6/20/23)

On June 17, 2023, the Company’s Board of Directors approved the termination of the Company’s existing share repurchase program and the authorization of a new share repurchase program for up to $1.0 billion of Common Stock (the “Maximum Amount”). The new share repurchase program will be in effect from June 17, 2023 until the earlier of the Maximum Amount being repurchased thereunder or the suspension, termination or replacement of the program by the Company’s Board of Directors. The timing and actual number of shares that may be repurchased under the program will depend on a variety of factors, including price, general business and market conditions, and other investment opportunities and there is no guarantee that any shares will be repurchased under the program. Shares may be repurchased through open market purchases or privately negotiated transactions, including through accelerated share repurchase transactions and the use of trading plans intended to qualify under Rule 10b5-1 under the Securities and Exchange Act of 1934.

On June 16, 2023, Spectrum Brands, Inc., a wholly owned subsidiary of the Company (“SBI”), notified Royal Bank of Canada (“RBC”), as administrative agent under that certain Amended and Restated Credit Agreement, dated as of June 30, 2020 (as amended from time to time, the “Credit Agreement”), that on June 20, 2023 it will (i) repay $392,000,000 of term loans, which constitutes the repayment of all outstanding term loans under the Credit Agreement, (ii) repay $470,000,000 of revolving loans that are drawn under SBI’s $600,000,000 initial revolving tranche established under the Credit Agreement (the “Initial Revolving Credit Facility Tranche”), which constitutes the repayment of all outstanding revolving loans under such tranche and (iii) repay $245,000,000 of revolving loans that are drawn under SBI’s $500,000,000 incremental revolving tranche established under the Credit Agreement (the “Incremental Revolving Credit Facility Tranche”), which constitutes the repayment of all outstanding revolving loans under such tranche.

On June 20, 2023, SBI notified RBC that on June 23, 2023, it will terminate all revolving loan commitments under the Incremental Revolving Credit Facility Tranche. The revolving loan commitments under the Initial Revolving Credit Facility Tranche will not be terminated at such time.

https://www.sec.gov/ix?doc=/Archives/edgar/data/0000109177/000010917723000032/spb-20230616.htm