As of the end of the third quarter of fiscal 2013, the Company had approximately $3,230 million of debt outstanding at par, consisting of its ABL facility of $70 million, a senior secured Term Loan of $757 million, $950 million of 9.5% senior secured notes, $520 million of 6.375% senior unsecured notes, $570 million of 6.625% senior unsecured notes, $300 million of 6.75% senior unsecured notes and approximately $63 million of capital leases and other obligations. In addition, the Company had approximately $38 million of letters of credit outstanding.The Company has made approximately $100 million of payments through July on its term debt and expects to make additional term debt payments in the fourth quarter with its strong free cash flow to reduce term debt by at least $200 million for the year and delever its balance sheet, resulting in leverage (total debt to adjusted EBITDA) of approximately 4.4 times or less at the end of fiscal 2013, prior to any impact of the planned refinancing of its $950 million of 9.5 percent senior secured notes.
Spectrum Brands Holdings Reports Record Fiscal 2013 Third Quarter Results
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