Davis Polk advised Credit Suisse Securities (USA) LLC as the initial purchaser on a Rule 144A/Regulation S offering by Spectrum Brands, Inc., of $200 million aggregate principal amount of its 9.5% senior secured notes due 2018. The notes are guaranteed by Spectrum Brands’ immediate parent company and by certain of its subsidiaries and are secured by first-priority liens on substantially all of the assets (other than accounts receivable and inventory) of Spectrum Brands and the guarantors and by second-priority liens, behind Spectrum Brands’ $300 million asset-based revolving credit facility due 2014, on their accounts receivable and inventory.

Headquartered in Madison, Wisconsin, Spectrum Brands is a diversified global branded consumer products company with positions in seven major product categories: consumer batteries; pet supplies; home and garden control products; electric shaving and grooming products; small appliances; electric personal care products; and portable lighting. 

The Davis Polk capital markets team included partner Michael Kaplan and associates Alain Kuyumjian and Britton M. Sellers. The credit team included partner Sartaj Gill and associates J.W. Perry and Lauren N. Gillespie. Partner Samuel Dimon and associate Yuliya Epifantseva provided tax advice. Counsel Hayden S. Baker and associate Amy E. Turner provided environmental advice. Associate Joshua Erez provided real estate advice. All members of the Davis Polk team are based in the New York office.