Appliance maker Spectrum Brands Holdings, Inc. announced $100 million of new term debt reduction on September 30. Another $100 million of term debt pay down was completed earlier this year. This means the company has achieved its goal of repaying term debt by at least $200 million in fiscal 2013. Spectrum Brands' fiscal year ended on September 30.
"We are executing on our program to pay down debt and reduce leverage through our strong free cash flow generation,” said CEO Dave Lumley. "Our objective over the long term is to maintain a total leverage ratio in the range of 2.5 times to 3.5 times. We remain committed to growing our adjusted EBITDA, generating strong and increasing free cash flow, and reducing debt to create significant shareholder value."
Spectrum Brands Holdings is a global, diversified consumer products company making personal care appliances, small electric housewares appliances, batteries, faucets, and a number of lines of consumables.
to Daily News