Fitch Affirms and Assigns Recovery Ratings to Spectrum Brands

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed and assigned the following Recovery Ratings (RRs) to Spectrum Brands, Inc., Spectrum Brands Canada, Inc., and Spectrum Brands Europe GmbH Issuer Default Ratings (IDRs).:

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.

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).

Applicable Criteria and Related Research:

Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749393

Recovery Ratings and Notching Criteria for Non-Financial Corporate Issuers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=813588

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=983568

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Fitch Ratings
Committee Chairperson
Michael Weaver
Managing Director
+1 312-368-3156
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Media Relations:
Alyssa Castelli, +1 212-908-0540
[email protected]
Elizabeth Fogerty, +1 212-908-0526
[email protected]

Source: Fitch Ratings

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