Spectrum Brands Secures $235M DIP
February 10, 2009
Spectrum Brands, the Atlanta-based manufacturer of Rayovac batteries and Remington shavers, has secured a $235 million debtor-in-possession loan from Wachovia.
The company filed for bankruptcy protection on Feb. 3 in San Antonio after it missed a $26 million interest payment. The company was trying to shave off more than $4 billion in debt.
Price talk on the DIP is at Libor plus 450 bps. The DIP is broken into three separate vehicles—a $190 million revolver, a $40 million letter of credit facility and a $45 million asset-backed loan. Spectrum Brands said in a statement that it expects the restructuring process to be completed in roughly four to six months.
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