Spectrum Brands Announces $100 Mln. Of New Term Debt Reduction - Quick Facts

(RTTNews) - Spectrum Brands Holdings Inc. (SPB) Monday announced $100 million of new term debt reduction which, together with another $100 million of term debt pay down previously completed, has enabled the company to achieve its stated objective to repay term debt by at least $200 million in fiscal 2013 that ends today.

"We are executing on our program to pay down debt and reduce leverage through our strong free cash flow generation," said Dave Lumley, Chief Executive Officer of Spectrum Brands Holdings.

"Our objective over the long term is to maintain a total leverage ratio in the range of 2.5 times to 3.5 times. We remain committed to growing our adjusted EBITDA, generating strong and increasing free cash flow, and reducing debt to create significant shareholder value."

Spectrum Brands Holdings is a diversified consumer products company and a supplier of consumer batteries, residential locksets, residential builders' hardware, faucets, shaving and grooming products, personal care products, among others.