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Friday, June 26, 2015 9:21:31 AM
MIDDLETON, Wis.--(BUSINESS WIRE)--Spectrum Brands Holdings, Inc. (NYSE:SPB), a global consumer products company with market-leading brands, said today it has further strengthened its balance sheet and improved liquidity by completing a restructuring and refinancing of its capital structure.
The Company has completed the replacement of its term loan indebtedness, moved to a new $500 million cash flow revolving credit agreement from a smaller asset-backed lending facility, and retired its $300 million aggregate principal amount of 6.75% Senior Notes. These actions follow the recent $575 million equity issuance and $1 billion amount of 5.75% Senior Notes issued to fund the acquisition of Armored AutoGroup Parent Inc. (Armored AutoGroup) on May 21st and the retirement of high cost debt assumed in that transaction.
“These important term loan and credit facility transactions have allowed us to consolidate debt tranches, extend maturities and significantly increase our operating liquidity and flexibility at historically low interest rates,” said Andreas Rouvé, Chief Executive Officer of Spectrum Brands Holdings. “We are pleased to have further strengthened our balance sheet and simplified our capital structure as we execute our long-term strategy and growth plans and begin to rapidly de-lever following our accretive acquisition of the Armored AutoGroup.”
“We have quickly begun the integration of Armored AutoGroup,” Mr. Rouvé said, “and are moving forward on action plans to accelerate the growth of the market-leading Armor All®, STP® and A/C PRO® brands here and abroad.”
“Our Company has completed a number of very significant and value-creating moves in recent weeks that position Spectrum Brands for accelerated growth and expansion in the months and years ahead,” said David Maura, Chairman of the Board of Spectrum Brands. “We will continue to grow our adjusted EBITDA and sustainable free cash flow while maintaining a strong balance sheet. As I’ve said before, I believe our best days are still ahead of us.”
About Spectrum Brands Holdings, Inc. and Spectrum Brands, Inc.
Spectrum Brands Holdings, a member of the Russell 2000 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®, Farberware®, Tetra®, Marineland®, Nature’s Miracle®, Dingo®, 8-in-1®, FURminator®, IAMS®, Eukanuba®, Digest-eeze™, Healthy-Hide®, Littermaid®, Spectracide®, Cutter®, Repel®, Hot Shot®, Black Flag®, Liquid Fence®, Armor All®, STP® and A/C PRO®. Spectrum Brands' products are sold by the world's top 25 retailers and are available in more than one million stores in approximately 160 countries. Based in Middleton, Wisconsin, Spectrum Brands Holdings generated net sales of approximately $4.43 billion in fiscal 2014.
http://www.businesswire.com/news/home/20150624006487/en/Spectrum-Brands-Completes-Refinancing-Strengthen-Balance-Sheet#.VY1QnInbKUk
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
Recent SPB News
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