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Energizer launches senior notes offerings to fund Spectrum Brands unit takeover

Energizer Holdings Inc. on June 13 launched a $500 million offering of U.S. dollar-denominated senior notes due 2026 by its subsidiary Energizer Gamma Acquisition Inc. and a $750 million equivalent offering of euro-denominated senior notes due 2026 by another Energizer unit, Energizer Gamma Acquisition BV.

The notes are being offered for sale to qualified institutional buyers in offerings exempt from registration pursuant to Rule 144A under the Securities Act and to persons outside the U.S. in compliance with Regulation S under the Securities Act.

The company said it intends to use the net proceeds to finance its previously announced acquisition of Spectrum Brands Holdings Inc.'s global battery and portable lighting business; repay outstanding debt under its existing credit agreement; and to pay related fees, costs and expenses.

Energizer said the closing of the offerings is not conditioned on the closing of its deal with Spectrum Brands.