Harbinger Capital evaluating Spectrum Brands for possible acquisition

By Lisa Kerner

Charlotte, N.C., March 3 - Spectrum Brands, Inc. and Harbinger Capital Partners Master Fund I, Ltd. entered into a confidentiality and standstill letter agreement on Feb. 26.

The agreement allows Harbinger access to confidential company information in order to evaluate a possible acquisition of Spectrum Brands directly or through an affiliate.

Harbinger beneficially owns 3.5 million shares, or 6.6%, of the Atlanta-based consumer products company, according to a schedule 13D filing with the Securities and Exchange Commission.

In October, Spectrum Brands postponed a previously announced strategic asset sale process citing challenging conditions in the credit markets.

On Oct. 1, the company placed a $225 million asset-based revolving credit facility, which was expected to provide enough liquidity to operate its business on an ongoing basis.

Spectrum Brands is a supplier of batteries and portable lighting, lawn and garden care products, specialty pet supplies, shaving and grooming and personal care products, and household insecticide.

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