Spectrum Brands issues $350M of 3.375% Exchangeable Senior Notes due 2029

Spectrum Brands Holdings, Inc.

Principal amount $350M, including full exercise of option for additional $50M.
Interest rate 3.375% per annum, semi-annual, matures June 1, 2029.
Initial exchange price ~$121.86 per share (8.2060 shares per $1,000 principal).
Capped call transactions cost $25.2M, cap price $159.36, to reduce dilution.
Net proceeds: ~$50M for stock repurchase, remainder for general corporate purposes.

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