Spectrum Brands makes US$40M voluntary loan prepayment, reducing balance on its senior secured loan to US$577M, in latest series of payments aimed at cutting its debt by US$200M by Sept. 30
August 25, 2011
– Consumer product maker Spectrum Brands Holdings Inc. on Wednesday said that it made another voluntary prepayment, reducing the balance on its senior secured loan to $577 million in the latest in a series of payments aimed at cutting the company's debt by $200 million by Sept. 30.
The maker of George Foreman grills, Rayovac batters, Black & Decker appliances and other household products prepaid $40 million. It has prepaid a total of $170 million. Scheduled payments have cut another $3 million off the loan, which originally totaled $750 million.
CEO Dave Lumley said Spectrum is on schedule to reach its goal. Sept. 30 is the end of its fiscal year.
Earlier this year, Moody's Investors Service raised several credit ratings for Spectrum, citing in part its efforts to pay down debt.
Spectrum also owns the Cutter and Hot Shot insect repellant brands and makes Tetra, Dingo and Pro Pet pet supplies.
Shares of Spectrum Brands rose 64 cents, or 2.6 percent, to close Wednesday at $25.35.
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