June 04, 2024 12:35 GMT
Spectrum Brands (SPB 26s; B2 Neg/B+/BB Neg) Tender Results
CONSUMER CYCLICALS
Spectrum brands leaves the local market; initial tender results below and as expected most of the €425m 26s tendered away.
- Total tender has also been increased from $925m to $1.16b which is in line with on full take up should tick debt covenant requirements.
- Re supply heading forward; it has net leverage target of 2-2.5x & EBITDA is expected in low $300m's. Its already raised $300m in senior exchangeable notes (29s) 2 weeks ago & cash & eqv's was only $1.25b at end of March (which is now being used for above paydowns). With leases at $84m it leaves some/small headroom for debt.
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