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Spectrum Brands Proposed Offering of $500 Million of Secured Notes Jun 2, 2010 |
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Personal care and small electric Housewares appliance maker Spectrum Brands, Inc., in connection with its proposed merger with small electric housewares maker Russell Hobbs, intends to offer $500 million of senior secured notes due 2018.
As part of the transaction with Russell Hobbs, the combined companies intend to refinance a portion of Spectrum Brands' existing senior debt and a portion of Russell Hobbs' existing senior debt through a combination of a $1 billion new term loan due 2017, $500 million in new notes, and a new $300 million ABL revolving facility due 2014.