Spectrum Launches $500 Million Public Offering
May 12, 2015,
MIDDLETON, Wis.-Spectrum Brands has begun an underwritten public offering of $500 million in shares of its common stock, with part of the proceeds to be geared toward funding its acquisition of Armored AutoGroup.
The company announced its agreement to acquire the parent of the Armor All and STP brands of automotive aftermarket products in late April. The proceeds from this public offering will also be used to pay a portion of costs, fees and expenses related to the acquisition, including substantially all of Armored AutoGroup’s outstanding indebtedness, as of the closing of the acquisition. Currently, the deal is expected to close by the end of Spectrum’s second fiscal quarter on June 30.
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: HFN Turns 90
We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.
ALSO IN THIS ISSUE:
- Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
- Omnichannel Retailing - In the Mobile App World, Time is Money