As a result of solid earnings and strong working capital management, the Company generated record annual free cash flow in fiscal 2013 of approximately $254 million, surpassing its goal of at least $240 million and its fiscal 2012 free cash flow of $208 million.The Company made in excess of $200 million of payments on its term debt during fiscal 2013. This resulted in leverage (total debt to pro forma adjusted EBITDA) of approximately 4.8 times at the end of fiscal 2013. Excluding incremental debt incurred related to the refinancing of the 9.5% senior secured notes in the fourth quarter, leverage would have been approximately 4.5 times, consistent with previous guidance.
Spectrum Brands Holdings Reports Record Fiscal 2013 Results, Meets Or Exceeds Full Year Financial Guidance
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