Spectrum Brands Holdings has announced the closing of the sale of its Global Auto Care business to Energizer Holdings for $938.7 million in cash and approximately 5.3 million shares of Energizer common stock, subject to working capital and other typical closing adjustments. The deal was first announced in November.
“With the divestitures of our battery business on Jan. 2 and our auto care unit today, we are completing a significant transformation of our company by reallocating capital to create a meaningfully less leveraged and more focused portfolio of consumer brands businesses with improved financial strength and flexibility,” said David Maura, chairman and CEO of Spectrum Brands.
“We already have achieved major progress this month with approximately $2.12 billion of debt reduction initiatives to materially improve our capital structure in fiscal 2019,”Maura said, “including the prepayment in full of our credit facility term loans totaling $1.23 billion and the planned redemption, which is scheduled to occur this week, of all of our $890 million of 7.75 percent senior notes.
“At the same time, we are focused on our portfolio of leading and well-known brands across our four continuing businesses with significantly increased investments to accelerate innovation and further strengthen support behind our brands,” he added.
