Spectrum Brands Completes Prepayment in Full of All Credit Facility Term Loans in First Step to Materially Strengthen its Balance Sheet
"This important step begins the process of materially improving and
strengthening our capital structure in fiscal 2019," said David M.
Maura, Executive Chairman and Chief Executive Officer of
"We expect to further reduce debt by redeeming a significant portion or
all of our
About
Forward-Looking Statements
Certain matters discussed in this news release and other oral and
written statements by representatives of the Company regarding matters
such as the redemption of the 7.75% senior notes and the satisfaction of
the conditions thereto, the completion of the disposition of the global
auto care business, the use of proceeds from such sale and its
anticipated benefits, including its impact on the Company’s capital
structure, and the Company’s ability to meet its expectations for its
fiscal 2019 may be forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. We have tried,
whenever possible, to identify these statements by using words like
“future,” “anticipate”, “intend,” “plan,” “estimate,” “believe,”
“belief,” “expect,” “project,” “forecast,” “could,” “would,” “should,”
“will,” “may,” and similar expressions of future intent or the negative
of such terms. These statements are subject to a number of risks and
uncertainties that could cause results to differ materially from those
anticipated as of the date of this release.Actual results may
differ materially as a result of(1) the impact of our
indebtedness on our business, financial condition and results of
operations; (2) the impact of restrictions in our debt instruments on
our ability to operate our business, finance our capital needs or pursue
or expand business strategies; (3) any failure to comply with financial
covenants and other provisions and restrictions of our debt instruments;
(4) the extent of success of the Company’s business strategy and the
Company’s ability to execute and realize on the expected benefits of
such strategy; (5) the impact of actions taken by significant
stockholders; (6) the impact of fluctuations in commodity prices, costs
or availability of raw materials or terms and conditions available from
suppliers, including suppliers’ willingness to advance credit; (7)
interest rate and exchange rate fluctuations; (8) the loss of
significant reduction in, or dependence upon, sales to any significant
retail customer(s); (9) competitive promotional activity or spending by
competitors, or price reductions by competitors; (10) the introduction
of new product features or technological developments by competitors
and/or the development of new competitors or competitive brands; (11)
the effects of general economic conditions, including inflation,
recession or fears of a recession, depression or fears of a depression,
labor costs and stock market volatility or changes in trade, tariff,
monetary or fiscal policies in the countries where we do business; (12)
changes in consumer spending preferences and demand for our products;
(13) our ability to develop and successfully introduce new products,
protect our intellectual property and avoid infringing the intellectual
property of third parties; (14) our ability to successfully implement,
achieve and sustain manufacturing and distribution cost efficiencies and
improvements, and fully realize anticipated cost savings; (15) the
seasonal nature of sales of certain of our products; (16) the effects of
climate change and unusual weather activity; (17) the cost and effect of
unanticipated legal, tax or regulatory proceedings or new laws or
regulations (including environmental, public health and consumer
protection regulations); (18) public perception regarding the safety of
products that we manufacture and sell, including the potential for
environmental liabilities, product liability claims, litigation and
other claims related to products manufactured by us and third parties;
(19) the impact of pending or threatened litigation; (20) the impact of
cybersecurity breaches or our actual or perceived failure to protect
company and personal data; (21) changes in accounting policies
applicable to our business; (22) our ability to utilize net operating
loss carry-forwards to offset tax liabilities from future taxable
income; (23) government regulations; (24) the impact of expenses
resulting from the implementation of new business strategies,
divestitures or current and proposed restructuring activities; (25) our
inability to successfully integrate and operate new acquisitions at the
level of financial performance anticipate; (26) the unanticipated loss
of key members of senior management; (27) the effects of political or
economic conditions, terrorist attacks, acts of war or other unrest in
international markets; (28) the Company’s ability to consummate its
pending global auto care divestiture on the expected terms and within
the anticipated time period, or at all, which is dependent on the
parties’ ability to satisfy certain closing conditions, including
receipt of regulatory approvals, and our ability to realize the expected
benefits of such transactions and to successfully separate such
businesses; (29) the Company’s ability to realize the expected benefits
from the merger with HRG; and (30) the other risk factors set forth in
the securities filings of
View source version on businesswire.com: https://www.businesswire.com/news/home/20190104005505/en/
Source:
Investor/Media Contact:
Dave Prichard
608-278-6141