Last $33.25 USD
Change Today -0.36 / -1.07%
Volume 182.4K
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prestige brands holdings inc (PBH) Key Developments

Prestige Brands Holdings, Inc. and Prestige Brands, Inc. Amendment No. 2 to the Term Loan Credit Agreement

On September 3, 2014, Prestige Brands Holdings, Inc. (the 'company') and its wholly-owned subsidiary, Prestige Brands, Inc. ('Borrower'), entered into (i) Amendment No. 2 to the Term Loan Credit Agreement (as amended by Amendment No. 1, dated as of February 21, 2013, the "Term Loan Credit Agreement"), dated as of January 31, 2012, among the Borrower, the Company, the other guarantors from time to time party thereto, each lender from time to time party thereto and Citibank, N.A., as administrative agent and (ii) Amendment No. 3 to the ABL Credit Agreement (as amended by that certain Incremental Amendment, dated as of September 12, 2012, and that certain Incremental Amendment, dated as of June 11, 2013, the "ABL Credit Agreement"), dated as of January 31, 2012, among the Borrower, the Company, the other guarantors from time to time party thereto, each lender from time to time party thereto and Citibank, N.A., as administrative agent, L/C issuer and swing line lender. The Term Loan Amendment provides for (i) the creation of a new class of Term B-2 Loans under the Term Loan Credit Agreement in an aggregate principal amount of $720.0 million, (ii) increased flexibility under the Term Loan Credit Agreement, including but not limited to additional investment, restricted payment and debt incurrence flexibility and financial maintenance covenant relief and (iii) an interest rate on (x) the Term B-1 Loans that is based, at the Borrower's option, on a LIBOR rate plus a margin of 3.125% per annum, with a LIBOR floor of 1.00%, or an alternate base rate plus a margin, and (y) the Term B-2 Loans that is based, at the Borrower's option, on a LIBOR rate plus a margin of 3.50% per annum, with a LIBOR floor of 1.00%, or an alternate base rate plus a margin (with a margin step-down to 3.25% per annum, based upon achievement of specified secured net leverage ratio). The ABL Amendment provides for (i) a $40.0 million increase in revolving commitments under the ABL Credit Agreement and (ii) increased flexibility under the ABL Credit Agreement, including but not limited to additional investment, restricted payment and debt incurrence flexibility. The Company intends to use the net proceeds from the Term B-2 Loans to finance the previously announced acquisition of the stock of Insight Pharmaceuticals Corporation ("Insight"), to repay its existing senior secured credit facilities, to pay fees and expenses incurred in connection with these transactions and for general corporate purposes.

Prestige Brands Holdings Provides Revenue Guidance for Fiscal 2015

Prestige Brands Holdings, Inc. provided revenue guidance for the fiscal 2015. The company expects to have pro forma revenues of USD 800 million in fiscal 2015, thus getting closer to its objective of becoming a billion dollar OTC products company.

Prestige Brands Holdings, Inc. Presents at Barclays Capital Back-to-School Consumer Conference 2014, Sep-04-2014

Prestige Brands Holdings, Inc. Presents at Barclays Capital Back-to-School Consumer Conference 2014, Sep-04-2014 . Venue: InterContinental Hotel, Boston, Massachusetts, United States.

Prestige Brands Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended June 30, 2014; Reaffirms Earnings Guidance for the Full Year of Fiscal 2015

Prestige Brands Holdings, Inc. reported unaudited consolidated earnings results for the first quarter ended June 30, 2014. Revenues for the first quarter of fiscal 2015 were $145.7 million, an increase of 2.2% over the prior year comparable quarter's revenues of $142.5 million. Reported net income for the first quarter of fiscal 2015 was $16.7 million, or $0.32 per diluted share, which was 19.1% lower than the prior year comparable quarter's results of $20.7 million, or $0.40 per diluted share. Net income for the first quarter of fiscal 2015 would have been $21.5, million or $0.41 per diluted share, excluding adjustments of $4.8 million related to the acquisitions of Care Pharmaceuticals and the Hydralyte brand. The Company's record free cash flow for the quarter ended June 30, 2014 was $29.2 million, an increase of $7.8 million over the prior year comparable quarter's free cash flow of $21.4 million. On a per share basis, free cash flow for the quarter ended June 30, 2014 was $0.56 per diluted share compared to $0.41 per diluted share for the quarter ended June 30, 2013. The Company's net debt at June 30, 2014 was approximately $956.8 million, an increase of $47.7 million compared to March 31, 2014, primarily as a result of the net borrowing associated with the acquisition of the Hydralyte brand, which was completed on April 30, 2014. Operating income was $42,803,000 against $49,441,000 a year ago. Income before income taxes was $28,150,000 against $33,536,000 a year ago. Net cash provided by operating activities was $29,671,000 against $22,798,000 a year ago. Purchases of property and equipment was $496,000 against $1,364,000 a year ago. For the full fiscal year, the company is reconfirming revenue growth projection to be in the range of 15% to 18%. In addition, the company expects fiscal 2015 Non-GAAP adjusted earnings per share in the range of $1.75 to $1.85. Free cash flow is expected to be very strong for the fiscal year, totaling approximately $150 million, which will enable the Company to rapidly de-lever and to provide flexibility in brand building. The company expects fiscal 2015 GAAP earnings per share in the range of $1.45 to $1.55.

Prestige Brands Holdings, Inc. to Report Q1, 2015 Results on Aug 07, 2014

Prestige Brands Holdings, Inc. announced that they will report Q1, 2015 results at 9:00 AM, Eastern Standard Time on Aug 07, 2014

 

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