GE Capital Leads $197 Million in Revolving Line of Credit for Spectrum Brands
Tuesday, September 08, 2009
GE Capital, Restructuring Finance announced it led a $197 million revolving credit facility as part of a $242 million plan of reorganization financing for Spectrum Brands, a global consumer products company.
As previously announced, the loan refinances an existing debtor-in-possession (DIP) facility, and supports Spectrum's exit from bankruptcy and their ongoing working capital needs. GE Capital Markets said it served as joint-lead arranger on the revolver. GE said it also provided interest rate risk management products and services.
Spectrum Brands is a supplier of batteries, lawn and garden care products, specialty pet supplies and personal care products. Spectrum supplies millions of retail stores with brands including Rayovac, Remington and Cutter.
"This is an important time for Spectrum Brands as we exit from chapter 11 a financially stronger company," said Tony Genito, executive VP and CFO of Spectrum Brands.
"Providing capital to companies seeking to reenergize their business is our specialty," said Rob McMahon, managing director of GE Capital, Restructuring Finance. "Working together with business leaders and their advisors, we use our restructuring finance knowledge to provide clients with smarter liquidity."
GE Capital, Restructuring Finance is a provider of senior secured loans to distressed companies supporting Chapter 11 filings, plan-of-reorganizations and out-of-court restructurings.
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