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Debt
 3 Months Ended
Jan. 01, 2012
Debt [Abstract]  
Debt

(7) Debt

The Company’s consolidated debt consists of the following:

 

                                 
    January 1, 2012     September 30, 2011  
    Amount     Rate     Amount     Rate  

HGI:

                                

10.625% Senior Secured Notes, due November 15, 2015

   $ 500,000       10.625 %    $ 500,000       10.625 % 

Spectrum Brands:

                                

Term loan, due June 17, 2016

     523,873       5.1 %      525,237       5.1 % 

9.5% Senior Secured Notes, due June 15, 2018

     950,000       9.5 %      750,000       9.5 % 

12% Notes, due August 28, 2019

     245,031       12.0 %      245,031       12.0 % 

ABL Revolving Credit Facility, expiring April 21, 2016

     11,400       4.5 %      —         2.5 % 

Other notes and obligations

     20,377       11.0 %      19,333       10.5 % 

Capitalized lease obligations

     24,469       6.2 %      24,911       6.2 % 
   

 

 

            

 

 

          
      2,275,150               2,064,512          

Original issuance premiums (discounts) on debt, net

     1,614               (15,732 )         

Less current maturities

     23,356               16,090          
   

 

 

            

 

 

          

Long-term debt - Consumer Products and Other

   $ 2,253,408             $ 2,032,690          
   

 

 

            

 

 

          

FGL:

                                

Note payable - Insurance

   $ —               $ 95,000          
   

 

 

            

 

 

          

Spectrum Brands

In December 2011, Spectrum Brands amended its term loan (the “Term Loan”). The aggregate incremental amount by which Spectrum Brands, subject to compliance with financial covenants and certain other conditions, may increase the amount of the commitment under the term loan has been increased from $100,000 to $250,000. Certain covenants in respect to indebtedness and liens were amended to provide for dollar limits more favorable to Spectrum Brands and, subject to compliance with financial covenants and certain other conditions, to allow for the incurrence of incremental unsecured indebtedness.

In November 2011, Spectrum Brands completed the offering of $200,000 aggregate principal amount of 9.5% Senior Secured Notes (the “9.5% Notes”) at a price of 108.5% of the par value; these notes are in addition to the $750,000 aggregate principal amount of 9.5% Notes that were already outstanding. The additional notes are guaranteed by Spectrum Brands’ existing and future domestic restricted subsidiaries and secured by liens on substantially all of their assets.

In connection with the Term Loan amendment and the 9.5% Note offering, Spectrum Brands recorded $557 and $3,463, respectively, of fees during the three month period ended January 1, 2012. The fees are classified as “Deferred charges and other assets” in the accompanying Condensed Consolidated Balance Sheet as of January 1, 2012 and are being amortized to interest expense utilizing the effective interest method over the respective terms of the debt. In connection with the Term Loan amendment, Spectrum Brands also recorded cash charges of $501 as an increase to interest expense during the three month period ended January 1, 2012.

As a result of borrowings and payments under the ABL Revolving Credit Facility at January 1, 2012, Spectrum Brands had aggregate borrowing availability of approximately $133,412, net of lender reserves of $38,934 and outstanding letters of credit of $28,804.

FGL

The $95,000 note payable of FGL was settled at face value (without the payment of interest) in October 2011 in connection with the closing of the Raven springing amendment and the replacement of the reserve facility discussed in Note 9.