Energizer moves to cut borrowing costs

Energizer Holdings Inc. will refinance part of its debt in a move to cut borrowing and other costs.

A $400 million bond sale and a $100 million loan add-on, are moves aimed at pushing out maturities and cutting borrowing costs.

The battery and consumer-goods maker will issue 6.00% senior notes due 2033, upsized from an earlier $300 million plan. At the same time, it is expanding its existing term loan due 2032 by $100 million.

Proceeds will be used to redeem the company’s outstanding 6.50% notes due 2027, repay borrowings under its revolving credit line, and cover fees and general corporate purposes. Energizer said the refinancing is leverage-neutral and intended to strengthen its balance sheet rather than fund growth initiatives.

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