Salton, Inc. (SFPI) to Acquire United Pet Group from Spectrum Brands (SPC)
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Salton, Inc. (OTC: SFPI) has entered into a definitive agreement to acquire United Pet Group (“UPG”), the global pet business of Spectrum Brands, Inc. (NYSE: SPC), for an amount equal to approximately $692.5 million in cash plus additional consideration in the form of $98 million of Spectrum's Variable Rate Toggle Senior Subordinated Notes due 2013 and $124.5 million of Spectrum's Senior Subordinated Notes due February 1, 2015.
Salton expects to finance the transaction with an equity investment provided by Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, L.P. (collectively, "Harbinger Capital Partners"), the controlling stockholders of Salton. As part of such investment, Harbinger Capital Partners will contribute the Spectrum notes to Salton. Salton has also received a financing commitment for credit facilities totaling $325 million, though the acquisition of United Pet Group is not contingent on any financing requirement.[SM]
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