Spectrum Brands Announces Early Tender and Consent Results

Spectrum Brands Holdings, Inc. (NYSE: SPB), a global and diversified consumer products company with market-leading brands, announced today the early tender and consent results for its previously announced tender offer to purchase for cash by its wholly owned subsidiary, Spectrum Brands, Inc. (the “Company”), any and all of its outstanding 6.625% Senior Notes due 2022 (the "2022 Notes") and solicitation of consents to amend the indenture governing the 2022 Notes (the "Tender Offer and Consent Solicitation").

As of the previously announced consent date and time of 5:00 p.m., New York City time, on September 23, 2019 (the "Consent Solicitation Expiration Time"), according to information provided by the tender agent for the Tender Offer and Consent Solicitation, a total of $167,574,000 aggregate principal amount or approximately 58.80% of the outstanding aggregate principal amount of the 2022 Notes, had been validly tendered and not validly withdrawn and related consents validly delivered and not validly revoked in the Tender Offer and Consent Solicitation. In conjunction with receiving the requisite consents, a supplemental indenture with respect to the 2022 Notes (the "Supplemental Indenture") to effect the proposed amendments (which eliminate substantially all of the restrictive covenants and certain events of default from the 2022 Notes indenture) as described in the Offer to Purchase and Consent Solicitation Statement, dated September 24, 2019 (the "Statement") has been executed.

The Company has accepted for purchase all of the 2022 Notes that were validly tendered and not validly withdrawn by the Consent Solicitation Expiration Time. Withdrawal rights for the 2022 Notes expired at 5:00 p.m., New York City time, on September 23, 2019.

The final expiration of the Tender Offer remains scheduled for 11:59 p.m., New York City time, on October 7, 2019, unless extended or earlier terminated by Spectrum Brands in its sole discretion (the “Tender Offer Expiration Time”). Spectrum Brands currently intends, but is not obligated, to call for redemption, on or after November 15, 2019, all of the Notes that remain outstanding following the Tender Offer Expiration Time.

This press release does not constitute a notice of redemption under the optional redemption provisions of the indenture governing the Notes, nor does it constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.