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Spectrum Brands completes $1.09B, 2-part offering; terms

Spectrum Brands today completed a $1.09 billion, two-part senior offering via bookrunners Barclays and Deutsche Bank, according to sources. Terms for both tranches printed at the tight side of guidance, while the total transaction size was increased by $50 million. The deal backs Spectrum Brands’ proposed acquisition of Stanley Black & Decker’s Hardware & Home Improvement Group and will refinance Spectrum Brands’ existing $370 million term loan. Financing for the acquisition also comes from an $800 million covenant-lite term loan, consisting of $700 million and C$100 million tranches. Madison, Wis.-based Spectrum Brands is global consumer-products company. Terms:

 

Issuer Spectrum Brands Escrow
Ratings B-/B3
Amount $520 million
Issue senior notes (144A)
Coupon 6.375%
Price 100
Yield 6.375%
Spread T+502
LIBOR eq.
Maturity Nov. 15, 2020
Call nc4
Trade Nov. 1, 2012
Settle Nov. 16, 2012 (T+10)
Books Barc/DB
Jt Leads
Co’s.
Px talk 6.5% area
Notes total issue upsized by $50 million.
Issuer Spectrum Brands Escrow
Ratings B-/B3
Amount $570 million
Issue senior notes (144A)
Coupon 6.625%
Price 100
Yield 6.625%
Spread T+501
LIBOR eq.
Maturity Nov. 15, 2022
Call nc5
Trade Nov. 1, 2012
Settle Nov. 16, 2012 (T+10)
Books Barc/DB
Jt Leads
Co’s.
Px talk 6.75% area
Notes