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Energizer completes acquisition of Playtex

ST. LOUIS Energizer Holdings has completed its acquisition of Playtex Products, a move that expands its presence in the personal care segment.

The deal was for $18.30 per share in cash plus the assumption of debt. Shareholders of Playtex approved the deal on Sept. 27.

Energizer also announced that, under the previously announced tender offer for the outstanding 8 percent senior secured notes due 2011 and 9-3/8 percent senior subordinated notes due 2011 of Playtex, the company has purchased $286.3 million of the 8 percent notes, representing 98.7 percent of the outstanding notes, and $276.7 million of the 9-3/8 percent notes, representing 95.8 percent of the outstanding notes. Energizer has deposited funds with the trustees for each issue in order to defease the remaining notes. The 8 percent notes have been defeased to a March 3, 2008 redemption date and the 9-3/8 percent notes have been defeased to an Oct. 12, 2007 redemption date. The tender offer remains open under 5 p.m. EST on Oct. 3, 2007.

Energizer stated that the funds required for the acquisition and the tender offer are being provided primarily from Energizer’s previously announced $1.5 billion term loan agreement entered into on Sept. 14. The company expects that the term loan will be refinanced in the private placement market or through other credit facilities over the next several months.

Playtex Products’ portfolio includes Banana Boat, Hawaiian Tropic, Playtex tampons, Wet Ones, Playtex gloves and Playtex infant feeding products.

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