MADISON, Wis., Jan 18, 2011 (BUSINESS WIRE) --
Spectrum Brands Holdings, Inc. (NYSE: SPB) today announced its intention
to refinance its existing $680 million Senior Secured Term Loan,
maturing in June 2016, with a new term loan facility.
Spectrum Brands anticipates the process will be completed by the end of
January. After completion of the proposed refinancing, the Company
expects to have a new term loan facility at a lower interest rate.
The Company has made voluntary prepayments of $50 million in November
2010 and $20 million in December 2010 on its original $750 million
Senior Secured Term Loan, for a total prepayment amount of $70 million
to date.
About Spectrum Brands Holdings, Inc.
Spectrum Brands Holdings, Inc., a member of the Russell 2000 Index,is a global, diversified and market-driven consumer products company
and a leading supplier of batteries, shaving and grooming products,
personal care products, small household appliances, specialty pet
supplies, lawn & garden and home pest control products, personal insect
repellents and portable lighting. Helping to meet the needs of consumers
worldwide, the Company offers a broad portfolio of market-leading and
widely trusted brands including Rayovac(R), Remington(R), Varta(R), George
Foreman(R), Black&Decker Home(R), Toastmaster(R), Tetra(R), Marineland(R),
Nature's Miracle(R), Dingo(R), 8-in-1(R), Littermaid(R), Spectracide(R), Cutter(R),
Repel(R), and HotShot(R). Spectrum Brands' products are sold by the world's
top 25 retailers and are available in more than one million stores in
more than 120 countries around the world. Spectrum Brands generated net
sales of $3.1 billion from continuing operations in fiscal 2010.For
more information, visit www.spectrumbrands.com.
Forward-Looking Statements
Certain matters discussed in this news release and other oral and
written statements by representatives of the Company regarding matters
such as its ability to refinance its existing $680 million Senior
Secured Term Loan, may be forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These
statements are subject to a number of risks and uncertainties that could
cause results to differ materially from those anticipated as of the date
of this release. Actual results may differ materially as a result of (1)
Spectrum Brands Holdings' ability to manage and otherwise comply with
its covenants with respect to its significant outstanding indebtedness,
(2) the inability to integrate, and to realize synergies from, the
combined businesses of Spectrum Brands and Russell Hobbs, (3) risks that
changes and developments in external competitive market factors, such as
introduction of new product features or technological developments,
development of new competitors or competitive brands or competitive
promotional activity or spending, (4) changes in consumer demand for the
various types of products Spectrum Brands Holdings offers, (5)
unfavorable developments in the global credit markets, (6) the impact of
overall economic conditions on consumer spending, (7) fluctuations in
commodities prices, the costs or availability of raw materials or terms
and conditions available from suppliers, (8) changes in the general
economic conditions in countries and regions where Spectrum Brands
Holdings does business, such as stock market prices, interest rates,
currency exchange rates, inflation and consumer spending, (9) Spectrum
Brands Holdings' ability to successfully implement manufacturing,
distribution and other cost efficiencies and to continue to benefit from
its cost-cutting initiatives, (10) Spectrum Brands Holdings' ability to
identify, develop and retain key employees, (11) unfavorable weather
conditions and various other risks and uncertainties, including those
discussed herein and those set forth in Spectrum Brands Holdings' and
Spectrum Brands' securities filings, including the most recently filed
Annual Report on Form 10-K for Spectrum Brands, Inc. or Quarterly
Reports on Form 10-Q. Spectrum Brands Holdings also cautions the reader
that its estimates of trends, market share, retail consumption of its
products and reasons for changes in such consumption are based solely on
limited data available to Spectrum Brands Holdings and management's
reasonable assumptions about market conditions, and consequently may be
inaccurate, or may not reflect significant segments of the retail market.
Spectrum Brands Holdings also cautions the reader that undue reliance
should not be placed on any forward-looking statements, which speak only
as of the date of this release. Spectrum Brands Holdings undertakes no
duty or responsibility to update any of these forward-looking statements
to reflect events or circumstances after the date of this report or to
reflect actual outcomes.
SOURCE: Spectrum Brands Holdings, Inc.
Spectrum Brands Holdings, Inc.
Dave Prichard, 608.278.6141
