Spectrum to redeem 5¾% notes due 2025 with asset sale proceeds

By William Gullotti

Buffalo, N.Y., June 20 – Spectrum Brands Holdings, Inc. intends to call the approximately $450 million outstanding 5¾% notes due July 15, 2025 using funds from a recent asset sale.

The company also plans to repay in full the outstanding $392 million under its term loan facility and $715 million revolving credit facility, according to a press release on Tuesday.

Spectrum Brands closed its anticipated sale of its hardware and home improvement segment to Assa Abloy for $4.3 billion ahead of schedule.

As previously reported, the transaction was slated to close on June 30.

After taxes, fees and customary price adjustments, the company expects to receive net proceeds totaling $3.6 billion from the sale.

After paying down debt and funding an accelerated share repurchase program, the company said it expects to be at a net cash position at the end of fiscal year 2023.

Spectrum is a Middleton, Wis.-based consumer products company.

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