Appliance OEM Spectrum Brands Holdings made a voluntary prepayment of $20 million to reduce its senior secured term loan to $680 million. In November Spectrum voluntary prepayment of $50 million on its original term loan of $750 million.
“Given our expectations for increasing free cash flow generation, we plan to achieve a cumulative debt reduction on our Term Loan of at least $200 million in our current fiscal 2011, which began on October 1st,” said Spectrum Brands CEO Dave Lumley. “As we have said, our top priority use of free cash flow is aggressive debt reduction to reach a target leverage ratio of 3 times or less over the next 2 years.
In 2010 Spectrum formed its business segment Small Appliances, made up of businesses added to its portfolio when it merged with Russell Hobbs on June 16, 2010.
Spectrum's Global Batteries & Personal Care segment includes Remington shavers and other personal care appliances.
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