Newell Brands enters $800M ABL credit facility, borrows $490M to refinance existing debt

NEWELL BRANDS INC.

New $800M ABL facility matures July 2031, with $500M accordion feature.
Borrowed $490M on closing to repay and replace existing revolving facility.
Interest rates: SOFR plus 1.50%-2.00% or base rate plus 0.50%-1.00%.
Secured by first-priority lien on certain assets; fixed charge coverage ratio >=1.00x when availability low.
JPMorgan Chase leads syndicate of banks as administrative agent.

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