Spectrum Brands Holdings, Inc. (NYSE:SPB, ", Parent", ))))), announced today that its wholly-owned subsidiary, Spectrum Brands, Inc. ("Spectrum Brands" or the "Company") intends to offer, subject to market and other conditions, $300 million in aggregate principal amount of exchangeable senior notes due 2029 (the "Exchangeable Notes") and a share repurchase plan.
The Company intends to use a portion of the net proceeds of the Exchangeable Notes offering (i) to fund the cost of entering into the capped call transactions (as described below), (ii) to repurchase up to $100 million of shares of common stock of Parent ("Parent Common Stock") concurrently with the pricing of the offering of the Exchangeable Notes in privately negotiated transactions effected through one of the initial purchasers or its affiliates and (iii) for general corporate purposes.
