GE Capital Leads $197 Million Revolving Line of Credit as Part of a $242 Million Exit Financing For Spectrum Brands

GE Capital, Restructuring Finance today announced it led a $197 million revolving credit facility as part of a $242 million plan of reorganization financing for Spectrum Brands, a global consumer products company. The loan refinances an existing debtor-in-possession facility, and supports Spectrum’s exit from bankruptcy and their ongoing working capital needs. GE Capital Markets served as joint-lead arranger on the revolver. GE also provided interest rate risk management products and services.

Based in Atlanta, Georgia, Spectrum Brands, Inc., is a leading supplier of batteries, lawn and garden care products, specialty pet supplies and personal care products. Spectrum supplies millions of retail stores worldwide with brands including Rayovac, Remington and Cutter.

“This is an important time for Spectrum Brands as we exit from chapter 11 a financially stronger company,” said Tony Genito, executive vice president and CFO of Spectrum Brands. “We are pleased that as part of this process, GE Capital provided the liquidity we needed to successfully complete our financial restructuring.”

“Providing capital to companies seeking to reenergize their business is our specialty,” said Rob McMahon, managing director of GE Capital, Restructuring Finance. “Working together with business leaders and their advisors, we use our restructuring finance knowledge to provide clients with smarter liquidity.”

About GE Capital, Restructuring Finance

GE Capital, Restructuring Finance is a leading provider of senior secured loans to distressed companies supporting Chapter 11 filings, plan-of-reorganizations and out-of-court restructurings.

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About GE Capital

GE Capital offers consumers and businesses around the globe an array of financial products and services. GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. For more information, visit the company's Web site at ge.com.