Brief: Lifetime Brands To Acquire Filament Brands

Lifetime Brands

22/12/2017 13:00

Dec 22 (Reuters) - Lifetime Brands Inc  LCUT.O : 
    * LIFETIME BRANDS TO ACQUIRE FILAMENT BRANDS 
    * LIFETIME BRANDS INC - TRANSACTION EXPECTED TO BE 
MEANINGFULLY 
ACCRETIVE TO NORMALIZED EPS IN FIRST FULL YEAR AFTER CLOSE 
    * LIFETIME BRANDS INC - TRANSACTION VALUES FILAMENT AT AN 
ENTERPRISE VALUE OF APPROXIMATELY $313 MILLION 
    * LIFETIME BRANDS INC - SHAREHOLDERS OF FILAMENT, LED BY 
CENTRE 
PARTNERS, TO OWN 27% OF LIFETIME 
    * LIFETIME BRANDS INC - LIFETIME EXPECTS TRANSACTION TO BE 
ACCRETIVE TO EBITDA MARGINS BY APPROXIMATELY 400 BASIS POINTS 
    * LIFETIME BRANDS - NEW MANAGEMENT TEAM TO BE LED BY ROB KAY 
AS 
CEO 
    * LIFETIME BRANDS - INTENDS TO FUND CASH PORTION WITH 
PROCEEDS 
FROM NEWLY COMMITTED $275 MILLION SENIOR SECURED TERM LOAN & A 
$150 MILLION NEW ASSET BASED LOAN 
    * LIFETIME BRANDS SAYS WILL CONTINUE TO BE HEADQUARTERED IN 
GARDEN 
CITY, NEW YORK 
    * LIFETIME BRANDS INC - UPON COMPLETION OF TRANSACTION, 
CURRENT 
LIFETIME CEO JEFFREY SIEGEL WILL BECOME EXECUTIVE CHAIRMAN OF CO 
    * LIFETIME - UNDER TERMS, KAY & 2 REPRESENTATIVES OF CENTRE 
PARTNERS, BRUCE POLLACK & MICHAEL SCHNABEL TO JOIN CO'S BOARD, 
EXPANDING BOARD TO 13 MEMBERS 
 
Source text for Eikon:  ID:nBw2fstKHa  
Further company coverage:  LCUT.O  
 
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