Energizer Holdings, Inc. has successfully extended its $760 million term loan and $500 million revolving credit facility, with the new term loan maturing in 2032 and bearing interest at a rate equal to secured overnight financing rate (SOFR) plus 200 basis points per annum. The new revolving credit facility matures in 2030, with interest based on leverage. These transactions have extended the existing maturities of both facilities by over four years and the company’s weighted average maturity by over one year.
The company's Chief Financial Officer, John Drabik, highlighted the successful execution of the long-term extension of their credit facilities, emphasizing the strengthening of the company’s debt capital structure and their commitment to evaluating opportunities to extend debt maturities or improve interest rate profiles as they advance their debt paydown and deleveraging objectives.
This extension provides Energizer Holdings, Inc. with enhanced financial flexibility in the coming years and reflects the credit market’s recognition of the company's track record of debt reduction and strong operating performance. Energizer Holdings, Inc., headquartered in St. Louis, is known as one of the world's largest manufacturers and distributors of primary batteries, portable lights, and auto care appearance, performance, refrigerant, and fragrance products. Their portfolio includes globally recognized brands such as Energizer, Armor All, Eveready, Rayovac, STP, and Varta, among others. As a result of these announcements, the company's shares have moved -1.1% on the market, and are now trading at a price of $29.92. If you want to know more, read the company's complete 8-K report here.
