Fitch Affirms and Assigns Recovery Ratings to Spectrum Brands
Spectrum Brands, Inc.
--Long-term IDR at 'BB-';
--\\$400 million senior secured asset backed revolver (ABL) due May 24, 2017 at 'BB+/RR1';
--\\$510 million senior secured term loan C due Sept. 4, 2019 at 'BB+/RR1';
--\\$648 million senior secured term loan A due Sept. 4, 2017 at 'BB+/RR1';
--Euro 150 million (\\$181 million) senior secured term loan due Dec. 19, 2020 at 'BB+'/RR1;
--\\$520 million 6.375% senior unsecured notes due Nov. 15, 2020 at 'BB-/RR4';
--\\$570 million 6.625% senior unsecured notes due Nov. 15, 2022 at 'BB-/RR4';
--\\$300 million 6.75% senior unsecured notes due March 15, 2020 at 'BB-/RR4;
--\\$250 million 6.125% senior unsecured notes due Dec. 15, 2024 at 'BB-/RR4.'
Spectrum Brands Canada, Inc.
--Long-term IDR at 'BB-';
--\\$34 million senior secured term loan B due Dec. 17, 2019 at 'BB+/RR1'.
Spectrum Brands Europe GmbH:
--Long-term IDR at 'BB-'
--Euro 225 million (USD\\$283 million) senior secured term loan due Sept. 4, 2019 at 'BB+/RR1'.
The Rating Outlook for all entities is Stable.
The assignment of the RRs reflects 'Recovery Ratings and Notching Criteria for Non-Financial Corporates issuers' criteria dated Nov. 18, 2014, which allows for the assignment of recovery ratings for issuers with IDRs in the 'BB' category.
Contact:
Committee Chairperson
Michael Weaver
Managing Director
+1-312-368-3156
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
Media Relations: Alyssa Castelli, New York, Tel: +1 (212) 908 0540, Email: alyssa.castelli@fitchratings.com; Elizabeth Fogerty, New York, Tel: +1 (212) 908 0526, Email: elizabeth.fogerty@fitchratings.com.
Additional information is available at www.fitchratings.com.
Applicable Criteria and Related Research:
--'Corporate Rating Methodology' (May 28, 2014);
--'Recovery Ratings and Notching Criteria for Non-Financial Corporates issuers' (Nov. 18, 2014).
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