05:04 AM EDT, 05/21/2024 (MT Newswires) -- Spectrum Brands Holdings ( SPB ) said late Monday it priced a private offering to eligible purchasers of $300 million of 3.375% exchangeable senior notes due 2029.

The initial purchasers have been granted a 13-day option to purchase up to $50 million additional amount of notes.

The notes will be exchangeable at an initial rate of $121.86 per Spectrum Brands ( SPB ) common share.

Net proceeds, estimated to be about $291.6 million, will be used to fund certain capped call transactions, about $50 million of share repurchases, and for general corporate purposes, the company said.

The offering is expected to close on or about Thursday, subject to customary conditions.

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