Spectrum Brands announces $500 million public stock offering

Freeman Staff

May 11, 2015

MIDDLETON — Spectrum Brands Holdings, Inc. announced Monday the start of an underwritten public offering of $500 million in shares of its common stock.

According to the announcement, the company expects to grant the underwriters an option to purchase a maximum of $75 million in additional shares of Spectrum Brands Holdings’ common stock.

Spectrum Brands Holdings intends to use the net proceeds of the offering to fund a portion of its acquisition of Armored AutoGroup Parent Inc. and to pay a portion of related costs, fees and expenses. If the acquisition is not completed, Spectrum Brands Holdings intends to use the net proceeds from the offering for general corporate purposes, which may include working capital needs, the refinancing of existing indebtedness, the expansion of its business and possible future acquisitions, according to the announcement.

Spectrum Brands Holdings is a leading supplier of consumer batteries, residential locksets, residential builders’ hardware, faucets, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn and garden and home pest control products.

http://spectrumbrands.com