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Spectrum Brands (SPB 26s; B2 Neg/B+/BB Neg) S&P Upgrade

CONSUMER CYCLICALS
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  • S&P upgrade to B+ on tender launch which included at par on the single €425m Oct 26s (mids at €99.75/Z+88/4.2%).
  • Note bond docs required business sale (HHI) proceeds to be used for debt paydown - par call benefits were always limited on € line that was trading above €99.
  • Current tender is up to $925m in aggregate across the senior unsecured notes (includes $29/30/31s). S&P notes it is obligated to pay off $1.2b of the outstanding $1.32b in these before mid-August.

Tender: https://investor.spectrumbrands.com/node/30431/pdf
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  • S&P upgrade to B+ on tender launch which included at par on the single €425m Oct 26s (mids at €99.75/Z+88/4.2%).
  • Note bond docs required business sale (HHI) proceeds to be used for debt paydown - par call benefits were always limited on € line that was trading above €99.
  • Current tender is up to $925m in aggregate across the senior unsecured notes (includes $29/30/31s). S&P notes it is obligated to pay off $1.2b of the outstanding $1.32b in these before mid-August.

Tender: https://investor.spectrumbrands.com/node/30431/pdf