Spectrum Brands Inc., the Madison-based manufacturer of Rayovac batteries and Remington shavers, said Friday that shareholders have approved the company's proposal to buy Russell Hobbs Inc., marketer of the George Foreman and Toastmaster small appliance brands, for $661 million.
Spectrum (NYSE: SPB) said 96.38 percent of the company's outstanding shares have been voted to adopt the previously announced merger agreement. That includes shares held by its largest holder, Harbinger Capital Partners Master Fund I Ltd. and its affiliates.
The company now expects to close on the transaction June 16.
The merger of Miramar, Fla.-based Russell Hobbs and Spectrum Brands will create a new global consumer products company based in Madison with an estimated $3 billion in annual revenue.
As part of the transaction, when the deal closes the company expects to close on its refinancing of the Company's existing senior debt and a portion of Russell Hobbs' existing senior debt through a combination of a new $750 million term loan, new $750 million senior secured notes and a new $300 million asset-based lending revolving facility no teletrek payday advance. The refinancing is expected to provide an enhanced long term capital structure to support the combined company's strategic business objectives.
Russell Hobbs’ consumer brands include Black & Decker, George Foreman, LitterMaid and Toastmaster. Spectrum’s brands include Rayovac batteries and Remington shaving and grooming products, which have major production operations in Wisconsin.
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