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Spectrum Brands (SPB 26s; B2 Neg/B/BB Neg) 2Q Earnings Call

CONSUMER STAPLES
  • We did get some colour in earnings call - it wasn't a direct answer on if it would try to use cash on last minute capex or M&A (June/July the deadline for 1yr cash use);

"And I think it'll be a really great thing for our company to clarify and get our gross debt down to our net debt, which will be a very low number. But, look, we continue to think that our stock is probably the cheapest thing we can buy. We don't see any assets that are attractive or at an attractive price to buy from an M&A standpoint"


  • Given co understands full cash use required & still points to net leverage target in long-term of 2-2.5x more debt paydowns seems likely here.
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