Spectrum Brands Holdings Announces $100 Million Voluntary Prepayment on Term Loan

Spectrum Brands Holdings

, a diversified and global consumer products company with market-leading brands, announced today a voluntary prepayment of $100 million to further reduce its original Senior Secured Term Loan of $750 million to $370 million as part of the Company's ongoing program to reduce leverage. Spectrum Brands made a $50 million voluntary Term Loan prepayment on August 9, 2012 and $220 million of voluntary prepayments in fiscal 2011. Scheduled amortization through the end of fiscal 2012 on September 30 accounts for an additional $10 million reduction. The Company reaffirmed its guidance to reach a total leverage ratio of approximately 3.4 times at the end of fiscal 2012 and said it remained focused on growing EBITDA and generating strong and consistent free cash flow.