08:21 AM EDT, 05/20/2024 (MT Newswires) -- Spectrum Brands Holdings ( SPB ) said Monday that its subsidiary has launched a cash tender offer of up to $925 million of its senior notes.

The offer consists of outstanding 4% senior notes due 2026, 5% senior notes due 2029, 5.5% senior notes due 2030, and 3.875% senior notes due 2031, according to the company.

The tender offer is set to expire on June 18 and the final settlement date is expected to be on June 21. The company plans to fund the tender offer using cash on hand and borrowings under its revolving facility.

Meanwhile, the company said it plans to offer $300 million of exchangeable senior notes due June 1, 2029, and that its board has authorized a new $500 million share repurchase program.

Initial purchasers have been granted a 13-day option to buy up to an additional $50 million of exchangeable notes.

The buyback plan is effective immediately and replaces an existing program, which had a remaining authorization of about $80 million.

The company plans to use a portion of the net proceeds from the exchangeable notes offering to fund the cost of certain capped call transactions, to repurchase up to $100 million common shares under the new buyback plan, as well as for general corporate purposes.

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