Spectrum Brands Holdings Reduces Debt in Excess of $450 Million, Expects to End Fiscal 2015 with Total Leverage of Approximately 4.5 Times
MIDDLETON, Wis.–(BUSINESS WIRE)–Spectrum Brands Holdings, Inc. (NYSE: SPB) announced today in excess of
$450 million of cumulative term, revolver and other debt reduction
during its fiscal year and anticipates ending fiscal 2015 tomorrow,
September 30, with total leverage of approximately 4.5 times. The
Company is attending the Deutsche Bank 23rd Annual Leveraged
Finance Conference today.
Spectrum Brands also reiterated expectations for fiscal 2015 adjusted
net cash provided from operating activities after purchases of property,
plant and equipment (adjusted free cash flow) to be up to $440 million.
About Spectrum Brands Holdings, Inc.
Spectrum Brands Holdings 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®, Farberware®, 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 $4.43 billion in
fiscal 2014. 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 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. We have tried, whenever possible, to identify these
statements by using words like “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
Holdings’ ability to manage and otherwise comply with its covenants with
respect to its significant outstanding indebtedness, (2) our ability to
integrate and realize synergies from our recent acquisitions and any
possible future 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 Holdings offers, (5)
unfavorable developments in the global credit 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
Holdings does business, such as stock market prices, interest rates,
currency exchange rates, inflation and consumer spending, (9) Spectrum
Brands Holdings’ ability to successfully implement manufacturing,
distribution and other cost efficiencies and to continue to benefit from
its cost-cutting initiatives, (10) Spectrum Brands Holdings’ 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 Spectrum Brands, Inc., including
each of their most recently filed Annual Reports on Form 10-K or
Quarterly Reports on Form 10-Q.
Spectrum Brands Holdings 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 Holdings 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 Holdings 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 Holdings 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.
Contacts
Spectrum Brands Holdings, Inc.
Investor/Media Contact:
Dave
Prichard
608-278-6141
