TARRYTOWN, N.Y.--(BUSINESS WIRE)--Jul. 7, 2016--
Prestige Brands Holdings, Inc. (NYSE:PBH) today announced that it has
closed the previously announced divestiture of three of its non-core
over-the-counter healthcare brands to Moberg Pharma AB (OMX:MOB) of
Stockholm, Sweden for $40.0 million USD in cash. The transaction was
finalized under the original terms announced on June 30, 2016. The
divestiture includes New Skin®, PediaCare® and Fiber Choice®. Proceeds
from the sale will be used to pay down debt and accelerate de-leveraging.
The Company expects to provide additional information on this
transaction and update its outlook for the fiscal year when it reports
the results of the first quarter of fiscal 2017 on August 4, 2016 before
the opening of the market.
About Prestige Brands Holdings, Inc.
Prestige Brands markets and distributes brand name over-the-counter
healthcare and household cleaning products throughout the U.S. and
Canada, Australia, and in certain other international markets. The
Company’s brands include Monistat® women’s health products, BC® and
Goody’s® pain relievers, Clear Eyes® eye care products, DenTek®
specialty oral care products, Dramamine® motion sickness treatments,
Chloraseptic® sore throat treatments, Compound W® wart treatments,
Little Remedies® pediatric over-the-counter products, The Doctor's®
NightGuard® dental protector, Efferdent® denture care products, Luden's®
throat drops, Beano® gas prevention, Debrox® earwax remover, Gaviscon®
antacid in Canada, and Hydralyte® rehydration products and the Fess®
line of nasal and sinus care products in Australia.
Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the
meaning of the federal securities laws that are intended to qualify for
the Safe Harbor from liability established by the Private Securities
Litigation Reform Act of 1995. “Forward-looking statements” generally
can be identified by the use of forward-looking terminology such as
“will,” “would,” “expect,” “plan,” “continue,” “anticipate” (or the
negative or other derivatives of each of these terms) or similar
terminology. The “forward-looking statements” include statements
regarding the transaction’s impact on debt and leverage. These
statements represent the Company’s expectations and beliefs and involve
a number of known and unknown risks, uncertainties and other factors
that may cause actual results to differ materially from those expressed
or implied by such forward-looking statements. These factors include,
among others, general economic and business conditions, and other risks
set forth in Item 1A. Risk Factors in the Company's Annual Report on
Form 10-K for the year ended March 31, 2016. You are cautioned not to
place undue reliance on these forward-looking statements, which speak
only as of the date of this news release. Except to the extent required
by applicable law, the Company undertakes no obligation to update any
forward-looking statement contained in this news release, whether as a
result of new information, future events, or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160707006353/en/
Source: Prestige Brands Holdings, Inc.
Prestige Brands Holdings, Inc.
Dean Siegal, 914-524-6819
