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Spectrum Brands gets needed consents to amend 12% notes due 2019
By Susanna Moon
Chicago, March 14 - Spectrum Brands, Inc. said holders delivered consents for a majority of its $245,030,648 principal amount of 12% senior subordinated notes due 2019 by the consent deadline at 5 p.m. ET on March 14.
As a result, the company entered into a supplemental indenture amending the notes to eliminate substantially all of the restrictive covenants, events of default and the repurchase rights in the event of certain asset sales or changes of control, according to a press release by Spectrum Brands Holdings, Inc. and Spectrum Brands.
The amendments will become operative on the early settlement date of March 20.
As previously noted, the total purchase price is $1,100 for each $1,000 principal amount of notes, including a consent fee of $30, tendered by the consent date.
Holders also will receive accrued interest up to the payment date.
The offer will continue until midnight ET on March 28. It began on March 1.
Holders who tender after the consent deadline will not receive the early tender premium.
Tendered notes may no longer be withdrawn.
The final settlement date will be March 29.
The offer also is conditioned on the company having received replacement financing.
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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