Spectrum Brands Repays $100 Million in Debt
MADISON, Wis.-Spectrum Brands, parent company of the Remington line of personal-care products and the Russell Hobbs collection of small electrics, has reduced its debt by $100 million, thus meeting its objective of repaying term debt by at least $200 million by the end of fiscal 2013.
The company's fiscal year ended earlier this week. "We are executing on our program to pay down debt and reduce leverage through our strong free cash-flow generation," said Dave Lumley, Spectrum's CEO.
"We remain committed to growing our adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), generating strong and increasing free cash flow and reducing debt to create significant shareholder value," Lumley said.