Rayovac 2011 Annual Report Download - page 117

SPECTRUM BRANDS HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
(In thousands, except per share amounts)
(6) Debt
Debt consists of the following:
September 30, 2011 September 30, 2010
Amount Rate Amount Rate
Term Loan, U.S. Dollar, maturing June 17, 2016 ................... $ 525,237 5.1% $ 750,000 8.1%
9.5% Notes, due June 15, 2018 ................................. 750,000 9.5% 750,000 9.5%
12% Notes, due August 28, 2019 ............................... 245,031 12.0% 245,031 12.0%
ABL Revolving Credit Facility, expiring April 21, 2016 ............. — 2.5% — 4.1%
Other notes and obligations .................................... 19,333 10.5% 13,605 10.8%
Capitalized lease obligations ................................... 24,911 6.2% 11,755 5.2%
1,564,512 1,770,391
Original issuance discounts on debt ............................. (12,900) (26,624)
Less current maturities ....................................... 16,090 20,710
Long-term debt ............................................. $1,535,522 $1,723,057
The Successor Company’s aggregate scheduled maturities of debt as of September 30, 2011 are as follows:
2012 ........................................................... $ 16,090
2013 ........................................................... 14,347
2014 ........................................................... 8,792
2015 ........................................................... 8,376
2016 ........................................................... 505,974
Thereafter ...................................................... 1,010,933
$1,564,512
The Company’s aggregate capitalized lease obligations included in the amounts above are payable in
installments of $2,645 in 2012, $2,208 in 2013, $1,671 in 2014, $1,255 in 2015, $1,230 in 2016 and $15,902
thereafter.
In connection with the Merger, Spectrum Brands (i) entered into a new senior secured term loan pursuant to
a new senior credit agreement (the “Senior Credit Agreement”) consisting of a $750,000 U.S. dollar term loan,
(ii) issued $750,000 of 9.5% Notes and (iii) entered into a $300,000 ABL Revolving Credit Facility. The
proceeds from such financings were used to repay Spectrum Brands’ senior term credit facility that existed at the
time of emergence under Chapter 11 of the Bankruptcy Code (the “Prior Term Facility”) and Spectrum Brands’
then-existing asset based revolving loan facility, to pay fees and expenses in connection with the refinancing and
for general corporate purposes.
The 9.5% Notes and 12% Notes were issued by Spectrum Brands. SB/RH Holdings, LLC, a wholly-owned
subsidiary of SB Holdings, and the wholly owned domestic subsidiaries of Spectrum Brands are the guarantors
under the 9.5% Notes. The wholly owned domestic subsidiaries of Spectrum Brands are the guarantors under the
12% Notes. SB Holdings is not an issuer or guarantor of the 9.5% Notes or the 12% Notes. SB Holdings is also not
a borrower or guarantor under the Company’s Term Loan or the ABL Revolving Credit Facility. Spectrum Brands
is the borrower under the Term Loan and its wholly owned domestic subsidiaries along with SB/RH Holdings, LLC
are the guarantors under that facility. Spectrum Brands and its wholly owned domestic subsidiaries are the
borrowers under the ABL Revolving Credit Facility and SB/RH Holdings, LLC is a guarantor of that facility.
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