ENERGIZER- New Issue Comment
Household battery manufacturer Energizer issued on 21st June 2018 the senior unsecured €650m 4.625% 2026 and the senior unsecured $500m 6.375% 2026 notes. Along with a $1.2bn new term loan and $400m new RCF, proceeds will be used to finance the acquisition of the Spectrum batteries and lighting business for $1.9bn, as well as to refinance the existing term loan and the outstanding RCF. The transaction was announced in January 2018 and is expected to close before December 2018.
Energizer Holdings is a manufacturer, marketer and distributor of household and specialty batteries, portable lights, and automotive appearance, performance, refrigerants and freshener products. The company provides batteries using various technologies including lithium, alkaline, carbon zinc, nickel metal hydride, zinc air, and silver oxide. The company manufactures, distributes and markets lighting products including headlights, lanterns, children's lights and area lights. The company also provides auto care products in the appearance and fragrance categories including protectants, wipes, tire and wheel care products, glass cleaners, leather care products, air fresheners and washes.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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