Saturday, August 29, 2009 7:14:21 AM
http://atlanta.bizjournals.com/atlanta/stories/2009/08/24/daily94.html
Spectrum Brands Inc. reported Friday it is out of bankruptcy and it closed on a previously announced $242 million exit financing facility provided by several financial institutions led by GE Capital.
Spectrum Brands and its U.S. subsidiaries filed for Chapter 11 in the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division on Feb. 3. It had $4.4 billion in debt.
The Atlanta-based consumer products company said Friday its suppliers will be paid in full within the next few weeks for all valid outstanding invoices for goods and services.
Spectrum Brand's old common stock has been extinguished and no financial distribution will be made to holders of the old common stock. The company's bondholders are being issued 27 million shares of new common stock and $218 million in 12 percent senior subordinated toggle notes due 2019. The new shares are expected to trade initially on the Pink Sheets.
Some 3 million shares of new common stock are being issued to supplemental and sub-supplemental participants in the company's debtor-in-possession loan facility pursuant to an equity fee provision.
Spectrum's board of directors has not yet decided if the company be listed on an exchange. The company said it plans to continue to make public filings and disclosures as it has in the past.
"We have achieved significant debt reduction while maintaining our strong brand reputations and solid relationships with our suppliers and customers," said Kent Hussey, CEO of Spectrum Brands, in a statement. "Importantly, our businesses continued to perform remarkably well throughout this process, expanding our market share in many key product categories, including major brands in all three of our business segments."
Spectrum makes Rayovac batteries, Tetra pet supplies, Remington shaving and grooming and personal care products, household insecticides and lawn and garden care products.
Recent SPB News
- Spectrum Brands Holdings to Report Fiscal 2024 Second Quarter Financial Results and Hold Conference Call and Webcast on May 9, 2024 • Business Wire • 04/22/2024 10:30:00 AM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 02/09/2024 05:25:37 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/09/2024 02:49:31 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 02/08/2024 03:04:34 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/08/2024 11:39:43 AM
- Spectrum Brands Holdings Reports Fiscal 2024 First Quarter Results • Business Wire • 02/08/2024 11:30:00 AM
- Spectrum Brands Holdings Declares Quarterly Common Stock Dividend of $0.42 Per Share • Business Wire • 02/06/2024 10:00:00 PM
- Form 10-K/A - Annual report [Section 13 and 15(d), not S-K Item 405]: [Amend] • Edgar (US Regulatory) • 01/25/2024 09:32:46 PM
- Spectrum Brands Holdings to Report Fiscal 2024 First Quarter Financial Results and Hold Conference Call and Webcast on February 8, 2024 • Business Wire • 01/23/2024 11:30:00 AM
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