Spectrum Brands tenders, seeks consents for $245.03 million 12% notes

By Susanna Moon

Chicago, March 1 - Spectrum Brands, Inc. began a cash tender offer and consent solicitation for its $245,030,648 principal amount of 12% senior subordinated notes due 2019.

The company also is soliciting consents to amend the notes to remove substantially all restrictive covenants and events of default, according to a press release by Spectrum Brands Holdings, Inc. and Spectrum Brands.

The total purchase price is $1,100 for each $1,000 principal amount of notes, including a consent fee of $30, tendered by 5 p.m. ET on March 14, the consent date.

Holders also will receive accrued interest up to the payment date.

The offer will end at midnight ET on March 28. Tendered notes may be withdrawn by the earlier of the consent deadline and the time that the company receives consents of at least a majority of the outstanding notes.

Holders who tender after the consent deadline will not receive the early tender premium.

The initial settlement date for early tendered notes will be March 20. The final settlement date will be March 29.

The offer is conditioned on the tender of notes from at least a majority of the outstanding principal amount of notes by March 14 and the company having received replacement financing, the company said.

Credit Suisse Securities (USA) LLC (800 820-1653 or 212 325-5912) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 387-1500 or 212 430-3774) is the information agent.

Spectrum Brands is a Madison, Wis.-based consumer products company and a supplier of batteries, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn & garden and home pest control products, personal insect repellents and portable lighting.

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