Latham Advises on Spectrum Brands’ US$925 Million Tender Offer and US$300 Million New Exchangeable Senior Notes Offering

On May 20, 2024, Spectrum Brands Holdings, Inc. (NYSE: SPB), a leading global branded consumer products and home essentials company focused on driving innovation and providing exceptional customer service, announced that its wholly owned subsidiary, Spectrum Brands, Inc., has commenced (i) a cash tender offer of up to an aggregate principal amount of its outstanding 4.00% Senior Notes due 2026, 5.00% Senior Notes due 2029, 5.50% Senior Notes due 2030, and 3.875% Senior Notes due 2031 that may be purchased for a combined aggregate purchase price of up to US$925 million. Also, Spectrum Brands Holdings, Inc. announced that Spectrum Brands, Inc. has priced its private offering of US$300 million in aggregate principal amount of its 3.375% exchangeable senior notes due 2029 in a private placement to eligible purchasers under Rule 144A of the Securities Act of 1933.

Latham & Watkins LLP represented the dealer managers in the tender offer and the initial purchasers in the exchangeable senior notes offering with a corporate team led by New York partners Stelios Saffos, Andrew Baker, and Justin Hamill, with associates Hana Nah, Isabelle Sawhney, and Michael Biondi. Advice was also provided on exchangeable debt and capped call matters by New York partner Reza Mojtabaee-Zamani, with associates Jack Neff and Sloan Ungerman; and on tax matters by New York partner Elena Romanova, with associate Michael Yu.