Spectrum Brands launches $300M exchangeable notes, $500M buyback, $925M debt tender

Spectrum Brands Holdings, Inc.

Subsidiary offers $300M exchangeable senior notes due 2029; initial purchasers have option for additional $50M.
Board authorizes new $500M common stock repurchase program, replacing prior $80M program; up to $100M repurchased concurrently with note pricing.
Tender offer for up to $925M aggregate purchase price of 2026, 2029, 2030, and 2031 senior notes; consent solicitation to amend covenants for first three series.
Net proceeds from notes used to fund capped call transactions, repurchase $100M of stock, and for general corporate purposes.

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