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Spectrum Brands raises cap on tender offer for 5¾% notes
Chicago, Feb. 16 – Spectrum Brands Holdings, Inc. wholly owned subsidiary Spectrum Brands, Inc. raised the cap on its tender offer for its 5¾% senior notes due 2025, according to a press release Friday night.
The company raised the cap to $550 million from $500 million of its $1 billion outstanding 5¾% senior notes due 2025 (Cusip: 84762LAU9).
Spectrum is offering a total consideration of $1,032.10 per $1,000 note, an amount which includes an early tender payment of $50 for noteholders who tender their notes by the 5 p.m. ET March 1 early tender time, also the withdrawal deadline.
The tender offer consideration is $982.10 per $1,000 note and that amount will be paid to noteholders who tender after the early tender deadline but before the tender offer expiration time at 11:59 p.m. ET on March 15.
Early settlement is expected on March 3 and late settlement is scheduled for March 17.
If the tender cap is not reached, the company expects to redeem an amount of notes that represents the difference between the amount tendered and the cap at 102.875.
The other terms of the tender offer are staying the same.
The company is also currently conducting a tender offer and consent solicitation for its 6 1/8% senior notes due 2024.
Condition
The offers are conditioned upon the successful incurrence by Spectrum Brands of new incremental term loans and an offering of notes.
The company sold an upsized offering of $500 million of 3 7/8% notes on Friday.
The offer is expected to be funded with the proposed financing and cash on hand.
Details
RBC Capital Markets, LLC is the dealer manager for the tender offers (877 381-2099, 212 618-7843).
Global Bondholder Services Corp. is the information agent and tender agent (866 470-3700, 212 430-3774).
The consumer products and home essentials company is based in Middleton, Wis.
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