Deutsche Bank acted as administrative agent for an amendment to Spectrum Brands’ credit agreement, under which U.S. dollar term loan commitments were increased from $1 billion to $1.250 billion.
Spectrum Brands Holdings acquired PetMatrix, a manufacturer and marketer of rawhide-free dog chews. On April 7, the company closed a credit facility with Deutsch Bank consisting of a $1 billion term loan, a C$73.9 million ($54 million) term loan, a €54.7 million ($59.6 million) term loan and a $700 million revolver.
According to a new Fitch Ratings report, U.S. asset-based lending (ABL) facilities present in a defaulted issuer’s capital structure demonstrated complete recoveries in a bankruptcy scenario.