Spectrum Brands enters $500M ASR, repays $1.1B debt, redeems $450M notes

Spectrum Brands Holdings, Inc.

Entered $500M accelerated share repurchase with Goldman Sachs; initial delivery of ~5.3M shares.
New $1.0B share repurchase program authorized, replacing prior program.
Repaid $392M in term loans and $715M in revolving loans on June 20, 2023.
Will redeem $449.97M 5.75% Senior Notes due 2025 on July 20, 2023.
Actions funded by cash from sale of Hardware & Home Improvement segment to ASSA ABLOY.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Spectrum Brands Holdings, Inc. entered into ASR Agreement with Goldman Sachs & Co. LLC valued at $500 million (effective 2023-06-20).

Action: entry
Counterparty: Goldman Sachs & Co. LLC
Value: $500 million
Effective: 2023-06-20

Exact text from the filing

Spectrum Brands Holdings, Inc.’s (the “Company”) entered into an accelerated share repurchase agreement (the “ASR Agreement”) with Goldman Sachs & Co. LLC (the “ASR Counterparty”) to repurchase an aggregate of $500 million of the Company’s common stock

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Spectrum Brands Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0000109177-23-000032

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