Spectrum Brands Announces Completion of Cash Tender Offer and Redemption Relating to its 6.375% Senior Notes
Due 2020
Spectrum Brands Holdings, Inc. (NYSE: SPB) announced today that its wholly owned subsidiary Spectrum Brands, Inc. (“Spectrum
Brands”) completed its cash tender offer (the “Tender Offer”) to purchase any and all of Spectrum Brands’ 6.375% Senior Notes due
2020 (the “Notes”). The Tender Offer expired at 5:00 p.m., New York City time, on September 19, 2016 (the “Expiration Date”).
Spectrum Brands received tenders from the holders of $390,320,000 of its outstanding Notes. Spectrum Brands has accepted for
purchase all Notes which were validly tendered prior to the Expiration Date.
In addition, Spectrum Brands has instructed the trustee under the indenture governing the Notes (the “Indenture”) to redeem the
remaining $129,680,000 aggregate principal amount of Notes at a redemption price equal to 100% of such Notes plus the Applicable
Premium (as defined in the Indenture) and accrued and unpaid interest to, but not including, the redemption date. The redemption of
the Notes will occur on October 20, 2016.
This press release does not constitute a notice of redemption under the optional redemption provisions of the indenture
governing the Notes, nor does it constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer,
solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.
About Spectrum Brands Holdings, Inc. and Spectrum Brands, Inc.
Spectrum Brands Holdings, a member of the Russell 1000 Index, is a global consumer products company offering an expanding
portfolio of leading brands providing superior value to consumers and customers every day. The Company is a leading supplier of
consumer batteries, residential locksets, residential builders’ hardware, plumbing, shaving and grooming products, personal care
products, small household appliances, specialty pet supplies, lawn and garden and home pest control products, personal insect
repellents, and auto care products. Helping to meet the needs of consumers worldwide, our Company offers a broad portfolio of
market-leading, well-known and widely trusted brands including Rayovac®, VARTA®, Kwikset®, Weiser®, Baldwin®, National Hardware®,
Pfister®, Remington®, George Foreman®, Russell Hobbs®, Black+ Decker®, Tetra®, Marineland®, Nature’s Miracle®, Dingo®, 8-in-1®,
FURminator®, IAMS®, Eukanuba®, Digest-eeze™, Healthy-Hide®, Littermaid®, Spectracide®, Cutter®, Repel®, Hot Shot®, Black Flag®,
Liquid Fence®, Armor All®, STP® and A/C PRO®. Spectrum Brands' products are sold by the world's top 25 retailers and are available
in more than one million stores in approximately 160 countries. Based in Middleton, Wisconsin, Spectrum Brands Holdings generated
net sales of approximately $4.69 billion in fiscal 2015. For more information, visit www.spectrumbrands.com.
Forward-Looking Statements
Certain matters discussed in this news release and other oral and written statements by representatives of the Company
regarding matters such as the Tender Offer, expected sales, adjusted EBITDA, debt reduction and leverage, and other measures of
financial performance, may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995. These statements are identified by words such as “future,” “anticipate”, “intend,” “plan,” “estimate,” “believe,” “expect,”
“project,” “forecast,” “could,” “would,” “should,” “will,” “may,” and similar expressions of future intent or the negative of such
terms. These statements are subject to a number of risks and uncertainties that could cause results to differ materially from those
anticipated as of the date of this release. Actual results may differ materially as a result of (1) Spectrum Brands’ ability to
manage and otherwise comply with its covenants with respect to its significant outstanding indebtedness, (2) our ability to
finance, complete, integrate, and realize synergies from acquisitions, (3) risks related to changes and developments in external
competitive market factors, such as introduction of new product features or technological developments, development of new
competitors or competitive brands or competitive promotional activity or spending, (4) changes in consumer demand for the various
types of products Spectrum Brands offers, (5) unfavorable developments in the global capital markets, (6) the impact of overall
economic conditions on consumer spending, (7) fluctuations in commodities prices, the costs or availability of raw materials or
terms and conditions available from suppliers, (8) changes in the general economic conditions in countries and regions where
Spectrum Brands does business, such as stock market prices, interest rates, currency exchange rates, inflation and consumer
spending, (9) Spectrum Brands’ ability to successfully implement manufacturing, distribution and other cost efficiencies and to
continue to benefit from its cost-cutting initiatives, (10) Spectrum Brands’ ability to identify, develop and retain key employees,
(11) unfavorable weather conditions and various other risks and uncertainties, including those discussed herein and those set forth
in the securities filings of each of Spectrum Brands Holdings, Inc. and SB/RH Holdings, Inc., including each of their most recently
filed Annual Reports on Form 10-K or Quarterly Reports on Form 10-Q.
Spectrum Brands also cautions the reader that its estimates of trends, market share, retail consumption of its products and
reasons for changes in such consumption are based solely on limited data available to Spectrum Brands and management’s reasonable
assumptions about market conditions, and consequently may be inaccurate, or may not reflect significant segments of the retail
market. Spectrum Brands also cautions the reader that undue reliance should not be placed on any forward-looking statements, which
speak only as of the date of this release. Spectrum Brands undertakes no duty or responsibility to update any of these
forward-looking statements to reflect events or circumstances after the date of this report or to reflect actual outcomes.
Investor/Media Contact:
Spectrum Brands Holdings, Inc.
Dave Prichard
608-278-6141
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