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Sutherland Represents Spectrum Brands, Inc. in Sale of Global Pet Supply Business

May 21, 2008

ATLANTA (May 21, 2008)Sutherland announced today its representation of Spectrum Brands, Inc. in connection with its execution of a definitive agreement for the sale of its Global Pet Supply Business to Salton, Inc. for $692.5 million in cash and an aggregate principal amount of Spectrum Brands’ subordinated debt securities equal to $222.5 million, less an amount equal to certain accrued and unpaid interest on such subordinated debt securities, which, depending on when the closing occurs, could be up to approximately $6.5 million. 

Spectrum Brands is a global consumer products company and a leading supplier of consumer batteries, lawn and garden care products, specialty pet supplies, shaving and grooming products, household insect control products, personal care products and portable lighting.

The Sutherland team is led by Corporate Partners Mark D. Kaufman and David A. Zimmerman in Atlanta and includes Tax Partners Alice Murtos and Reginald J. Clark in Atlanta; Corporate Partner Eric R. Fenichel in Atlanta; Corporate Partner Elisabeth A. Langworthy in Washington; Corporate Associates John B. Hardman, Brian M. Murphy, Jennifer D. Lambert, L.J. Paul Lutz and Marc A. Rawls in Atlanta; Corporate Associate Erin M. Payne in New York; and Corporate Associate Bradley E. Prendergast in Washington.

Sutherland acted as legal advisor to Spectrum Brands and Skadden, Arps, Slate, Meagher & Flom LLP also provided certain legal advice to Spectrum Brands in connection with the transaction.  Goldman, Sachs & Co. is acting as Spectrum Brands' financial advisor.

SUTHERLAND ASBILL & BRENNAN LLP
Sutherland is an AmLaw 100 law firm known for solving challenging business problems and resolving unique legal issues for many of the world’s largest companies.  Founded in 1924, the firm has grown to more than 500 lawyers with offices in Atlanta, Austin, Houston, New York, Tallahassee and Washington.  For further information about the firm, please visit sutherland.com.

DEAL NOTIFICATION

Target & Acquirer name, nation, business description:  Spectrum Brands, Inc., Atlanta, Georgia, USA, a global consumer products company and a leading supplier of consumer batteries, lawn and garden care products, specialty pet supplies, shaving and grooming products, household insect control products, personal care products and portable lighting.

Salton, Inc., Miramar, Florida, USA, leading marketers and distributors of a broad range of branded small household appliances.

Date Deal Announced:  May 21, 2008

Date of Completion (if applicable):  August 2008

Deal status:  Pending

Which party firm advised:  Spectrum Brands, Inc.

Advisory role:  Representation of Spectrum Brands, Inc. in connection with its execution of a definitive agreement for the sale of its Global Pet Supply Business to Salton, Inc. for approximately $915 million. 

Deal Description or comments (if necessary):

Value (if disclosed):  $692.5 million in cash and an aggregate principal amount of Spectrum Brands’ subordinated debt securities equal to $222.5 million, less an amount equal to certain accrued and unpaid interest on such subordinated debt securities, which, depending on when the closing occurs, could be up to approximately $6.5 million

Bidder:  Salton, Inc.

Lawyers for Target:  Sutherland

Lawyers for Bidder:  Paul, Weiss, Rifkind, Wharton & Garrison LLP and SJ Berwin LLP

Our Story

Sutherland Asbill & Brennan LLP is an international law firm helping the Fortune 100, industry leaders, sector innovators and business entrepreneurs solve their biggest challenges and reach their business goals. Dedicated to unfaltering excellence in client service, we are known for our business savvy and industry intelligence, providing creative and custom solutions for each of our clients. Industry and business experience makes the difference for our clients.

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