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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

Current Report

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 4, 2016 (October 3, 2016)

 

 

NEWELL BRANDS INC.

(Exact name of registrant as specified in its charter)

 

 

 
















Delaware

 

1-9608

 

36-3514169

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification Number)

6655 Peachtree Dunwoody Road

Atlanta, Georgia 30328

(Address of principal executive offices including zip code)

(770) 418-7000

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 



Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 



Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 



Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 



Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 1.01.

Entry into a Material Definitive Agreement.

On October 3, 2016, Newell Brands Inc., a Delaware corporation (the “Company”) and Jarden Receivables, LLC, a wholly-owned subsidiary of the Company (“Jarden Receivables”), entered into a loan and servicing agreement, dated as of October 3, 2016 (the “Loan and Servicing Agreement”), among Jarden Receivables, as borrower, the Company, as servicer, the conduit lenders, the committed lenders and the managing agents named therein, Wells Fargo Bank, National Association, as issuing lender, PNC Bank, National Association, as administrative agent, and PNC Capital Markets LLC, as structuring agent.

The Loan and Servicing Agreement and related receivables sale and contribution agreement and performance undertaking (collectively, the “New Securitization Documents”) were entered into in order to, among other things, replace the existing securitization programs of the Company and certain of its subsidiaries with a new $950 million, three-year securitization program.

Pursuant to the terms of the New Securitization Documents, the Company and certain operating subsidiaries (collectively, the “Originators”) will sell, on an ongoing basis, their receivables to Jarden Receivables and Jarden Receivables will acquire such receivables through loans received under the Loan and Servicing Agreement. Jarden Receivables is wholly-owned by the Company and will be the owner of the purchased receivables and is the borrower under the Loan and Servicing Agreement. The assets of Jarden Receivables will be restricted as collateral for the payment of debt or other obligations arising under the facility, and Jarden Receivables’ assets and credit are not available to satisfy the debts and obligations owed to the Company’s or any other Originator’s creditors. The Company includes Jarden Receivables’ assets, liabilities and results of operations in its consolidated financial statements. Interest accrues at a rate based on (i) LIBOR, (ii) commercial paper interest rates or (iii) a base rate equal to the highest of (x) the prime rate, (y) the federal funds rate plus 0.50% or (z) one month LIBOR plus 1.00%. The Company will provide a guarantee of all obligations of each of the Originators under the New Securitization Documents.

The Loan and Servicing Agreement contains customary events of termination, representations and warranties and affirmative and negative covenants for facilities of this type, including the obligation of the Company to maintain the same total indebtedness to total capital ratio as it is required to maintain under its revolving credit facility.

Certain of the institutions that are parties to the New Securitization Documents (and their respective subsidiaries and affiliates) have in the past provided, from time to time, and may in the future continue to provide, investment banking, underwriting, lending, commercial banking, trust and other advisory services to the Company and its subsidiaries and affiliates. These parties have received, and may in the future receive, customary compensation from the Company and its subsidiaries and affiliates for such services.

The foregoing description of the Loan and Servicing Agreement and the transactions contemplated thereby does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Loan and Servicing Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated by reference herein.

 

Item 2.03.

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

 

Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(c)

In connection with changes to the Company’s operating structure announced on October 4, 2016, it is expected that William A. Burke, currently serving as the Company’s President, Jarden Group, since April 15, 2016, will be appointed Executive Vice President and Chief Operating Officer effective January 1, 2017. Certain additional biographical information with respect to Mr. Burke is set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission on February 29, 2016, the relevant portions of which are incorporated herein by reference.


Item 8.01

Other Events.

On October 4, 2016, the Company issued a press release announcing changes to its operating structure. A copy of the press release is filed at Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 

Item 9.01

Financial Statements and Exhibits.

 










Exhibit

  

 







10.1

  

Loan and Servicing Agreement, dated as of October 3, 2016, among Jarden Receivables, LLC, as Borrower, Newell Brands Inc., as Servicer, the Conduit Lenders, the Committed Lenders and the Managing Agents named therein, Wells Fargo Bank, National Association, as Issuing Lender, PNC Bank, National Association, as Administrative Agent, and PNC Capital Markets LLC, as Structuring Agent







99.1

  

Press Release issued on October 4, 2016

 

2



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 






















Date: October 4, 2016

 




 




 

NEWELL BRANDS INC.
















 




 

By:

 

/s/ Ralph J. Nicoletti




 




 




 

Ralph J. Nicoletti

Executive Vice President and Chief Financial Officer

 

3



EXHIBIT INDEX

 










Exhibit
No.


  

Exhibit Description







10.1

  

Loan and Servicing Agreement, dated as of October 3, 2016, among Jarden Receivables, LLC, as Borrower, Newell Brands Inc., as Servicer, the Conduit Lenders, the Committed Lenders and the Managing Agents named therein, Wells Fargo Bank, National Association, as Issuing Lender, PNC Bank, National Association, as Administrative Agent, and PNC Capital Markets LLC, as Structuring Agent







99.1

  

Press Release issued on October 4, 2016

 




Exhibit 10.1

 

 

 

L OAN AND S ERVICING A GREEMENT

dated as of October 3, 2016

among

J ARDEN R ECEIVABLES , LLC,

as Borrower

N EWELL B RANDS I NC .,

as Servicer

THE COMMERCIAL PAPER CONDUITS FROM TIME TO TIME

PARTY HERETO AS C ONDUIT L ENDERS ,

THE FINANCIAL INSTITUTIONS FROM TIME TO TIME

PARTY HERETO AS C OMMITTED L ENDERS ,

THE FINANCIAL INSTITUTIONS FROM TIME TO TIME

PARTY HERETO AS M ANAGING A GENTS ,

W ELLS F ARGO B ANK , N ATIONAL A SSOCIATION

as Issuing Lender,

PNC B ANK , N ATIONAL A SSOCIATION ,

as Administrative Agent

and

PNC C APITAL M ARKETS LLC,

as Structuring Agent

 

 

 

T ABLE OF C ONTENTS

 






















S ECTION

 

H EADING

  

P AGE

 










A RTICLE  I

 

D EFINITIONS

  

 

2

  










Section 1.01.

 

Certain Defined Terms

  

 

2

  

Section 1.02.

 

Other Terms and Constructions

  

 

37

  

Section 1.03.

 

Computation of Time Periods

  

 

38

  










A RTICLE  II

 

A MOUNTS AND T ERMS OF THE L OANS

  

 

38

  










Section 2.01.

 

The Loans

  

 

38

  

Section 2.02.

 

Borrowing Procedures

  

 

40

  

Section 2.03.

 

Tranches

  

 

41

  

Section 2.04.

 

Interest and Fees

  

 

42

  

Section 2.05.

 

Optional Prepayments

  

 

43

  

Section 2.06.

 

Application of Collections Prior to Termination Date

  

 

43

  

Section 2.07.

 

Application of Collections After Termination Date

  

 

45

  

Section 2.08.

 

Deemed Collections

  

 

46

  

Section 2.09.

 

Payments and Computations, Etc.

  

 

47

  

Section 2.10.

 

Interest Protection

  

 

47

  

Section 2.11.

 

Increased Capital

  

 

48

  

Section 2.12.

 

Funding Losses

  

 

50

  

Section 2.13.

 

Taxes

  

 

50

  

Section 2.14.

 

Security Interest

  

 

52

  

Section 2.15.

 

Evidence of Debt

  

 

54

  

Section 2.16.

 

Defaulting Lenders

  

 

54

  

Section 2.17.

 

Letters of Credit

  

 

56

  

Section 2.18.

 

Release of Excess Cash Collateral

  

 

61

  










A RTICLE  III

 

C ONDITIONS OF E FFECTIVENESS AND L OANS

  

 

62

  










Section 3.01.

 

Conditions Precedent to Initial Borrowing

  

 

62

  

Section 3.02.

 

Conditions Precedent to All Credit Extensions and Releases

  

 

62

  










A RTICLE  IV

 

R EPRESENTATIONS AND W ARRANTIES

  

 

63

  










Section 4.01.

 

Representations and Warranties of the Borrower Parties

  

 

63

  










A RTICLE  V

 

G ENERAL C OVENANTS

  

 

70

  










Section 5.01.

 

Affirmative Covenants of the Borrower Parties

  

 

70

  

Section 5.02.

 

Negative Covenants of the Borrower Parties

  

 

80

  

 

-i-























A RTICLE VI

 

A DMINISTRATION OF R ECEIVABLES

  

 

83

  










Section 6.01.

 

Designation of Servicer

  

 

83

  

Section 6.02.

 

Duties of the Servicer

  

 

84

  

Section 6.03.

 

Rights of the Administrative Agent

  

 

85

  

Section 6.04.

 

Responsibilities of the Borrower

  

 

86

  

Section 6.05.

 

Further Action Evidencing Administrative Agent’s Interest

  

 

86

  

Section 6.06.

 

Collections

  

 

87

  

Section 6.07.

 

Reports

  

 

87

  

Section 6.08.

 

Servicer Fees

  

 

87

  










A RTICLE  VII

 

E VENTS OF T ERMINATION

  

 

88

  










Section 7.01.

 

Events of Termination

  

 

88

  

Section 7.02.

 

Remedies

  

 

90

  










A RTICLE  VIII

 

I NDEMNIFICATION

  

 

91

  










Section 8.01.

 

Indemnities by Borrower

  

 

91

  

Section 8.02.

 

Other Costs and Expenses

  

 

94

  










A RTICLE  IX

 

T HE A GENTS

  

 

94

  










Section 9.01.

 

Authorization and Action

  

 

94

  

Section 9.02.

 

Agents’ Reliance, Etc.

  

 

95

  

Section 9.03.

 

Agents and Affiliates

  

 

95

  

Section 9.04.

 

Lender’s Loan Decision

  

 

95

  

Section 9.05.

 

Delegation of Duties

  

 

96

  

Section 9.06.

 

Indemnification

  

 

96

  

Section 9.07.

 

Successor Agents

  

 

96

  

Section 9.08.

 

Structuring Agent

  

 

97

  










A RTICLE  X

 

M ISCELLANEOUS

  

 

97

  










Section 10.01.

 

Amendments, Etc.

  

 

97

  

Section 10.02.

 

Notices, Etc.

  

 

98

  

Section 10.03.

 

Assignability

  

 

98

  

Section 10.04.

 

Additional Lender Groups

  

 

100

  

Section 10.05.

 

Consent to Jurisdiction

  

 

101

  

Section 10.06.

 

Waiver of Jury Trial

  

 

101

  

Section 10.07.

 

Right of Setoff

  

 

101

  

Section 10.08.

 

Ratable Payments

  

 

102

  

Section 10.09.

 

Limitation of Liability

  

 

102

  

Section 10.10.

 

Taxes

  

 

103

  

Section 10.11.

 

No Proceedings

  

 

103

  

Section 10.12.

 

Confidentiality

  

 

103

  

Section 10.13.

 

No Waiver; Remedies

  

 

104

  

Section 10.14.

 

Governing Law

  

 

104

  

Section 10.15.

 

Execution in Counterparts

  

 

104

  

Section 10.16.

 

Integration; Binding Effect; Survival of Termination

  

 

105

  

 

-ii-























Section 10.17.

 

PNC Roles

  

 

105

  

Section 10.18.

 

USA PATRIOT Act

  

 

105

  

Section 10.19.

 

Existing Letters of Credit

  

 

105

  

Section 10.20.

 

Judgment Currency

  

 

106

  

 

-iii-

E XHIBITS AND S CHEDULES

 










E XHIBIT  A

  

Newell Credit and Collection Policy

E XHIBIT  B

  

Form of Borrowing Request

E XHIBIT  C

  

Form of Monthly Report

E XHIBIT  D

  

[Reserved]

E XHIBIT  E

  

Form of Assignment and Acceptance

E XHIBIT  F

  

Form of Joinder Agreement

E XHIBIT  G

  

Form of Prepayment Notice

E XHIBIT  H

  

Form of Lock-Box Transfer Notice

E XHIBIT  I

  

Form of Compliance Certificate

E XHIBIT  J

  

Form of Letter of Credit Request







S CHEDULE  I

  

Lender Groups

S CHEDULE  II

  

Notice Addresses

S CHEDULE  III

  

[Reserved]

S CHEDULE  IV

  

Financial Covenant

S CHEDULE  V

  

Approved Sub-servicers

S CHEDULE  VI

  

List of Offices of Borrower where Records are Kept

S CHEDULE  VII

  

Deposit Account Banks, Deposit Accounts and Lock-Boxes

S CHEDULE  VIII

  

List of Closing Documents

S CHEDULE  IX

  

List of Originators

S CHEDULE X

  

List of Existing Letters of Credit

 

-iv-

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