MIDDLETON, WI - Spectrum Brands Holdings, Inc. (NYSE:SPB), a diversified global consumer products company, announced today that it will fully redeem €17.66 million in aggregate principal amount of 4.00% senior notes due 2026. The redemption is scheduled for Thursday, June 20, 2024, and will include accrued and unpaid interest calculated in accordance with the governing indenture.
The redemption notice was issued to U.S. Bank Trust Company, National Association, the trustee, on Monday, June 17, 2024. Spectrum Brands Holdings, Inc. and its wholly-owned subsidiary, SB/RH Holdings, LLC, are carrying out the redemption process. However, today's announcement is not the formal notice of redemption for the notes.
This financial move is in line with Spectrum Brands' debt management strategy and reflects the company's commitment to reducing its debt obligations. The redemption of these senior notes will potentially alleviate the company's future interest burden and possibly improve its financial leverage ratios.
Investors and stakeholders should note that the information provided in this announcement is not deemed to be "fileed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor is it to be considered incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except as explicitly stated in such a filing.
Spectrum Brands Holdings, Inc. has a diverse portfolio, including products in the hardware, home improvement, pet care, personal care, and home appliances sectors. The company's decision to redeem these senior notes is a financial maneuver aimed at optimizing its capital structure.
For further details on the financial implications and the redemption process, interested parties may refer to the company's filings with the Securities and Exchange Commission. This news is based on a press release statement.
In other recent news, Spectrum Brands Holdings, Inc. reported a mixed performance in its Q2 2024 results, with a slight decrease in net sales but notable improvements in profitability and operational efficiency. The company plans to separate its Home & Personal Care (HPC) segment, a move indicative of strategic restructuring. In financial maneuvers, Spectrum Brands announced its intent to issue $300 million in exchangeable senior notes due 2029 and revealed a $500 million common stock repurchase program.
RBC Capital Markets expressed confidence in the company, sustaining their Outperform rating and increasing the price target to $114. The firm highlighted Spectrum Brands' improved financial position and potential for growth, particularly in its Home & Garden division.
Spectrum Brands also declared a decision to redeem €17.66 million of its 4.00% senior notes due in 2026, a step in its debt management strategy. These recent developments indicate a proactive approach towards financial health and strategic planning by Spectrum Brands.
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