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Armored AutoGroup calls 9¼% notes following acquisition by Spectrum
By Angela McDaniels
Tacoma, Wash., May 21 – Armored AutoGroup Inc. will redeem its 9¼% senior notes due 2018 on June 15, according to an 8-K filing with the Securities and Exchange Commission.
The redemption price is 104.625% of par plus accrued interest up to but excluding the redemption date.
The redemption was conditioned on the completion of the acquisition of Armored AutoGroup by Spectrum Brands Holdings, Inc. This condition was satisfied on May 21.
Spectrum Brands acquired Armored AutoGroup from Avista Capital Partners II GP, LLC for $1.4 billion of cash. It funded the acquisition with the proceeds of $1 billion of 10-year 5¾% senior notes (B2/B) and a public equity offering.
Spectrum Brands is a Middleton, Wis.-based diversified consumer products company. Armored AutoGroup is a consumer products company consisting primarily of the Armor All and STP brands.
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