Newell Rubbermaid Reduces Debt By $250 Million In Refinancing

   DOW JONES NEWSWIRES 
 

Newell Rubbermaid Inc. (NWL) reduced its debt by $250 million as it closed a new $200 million accounts-receivable facility to replace a $450 million credit line.

The consumer-goods maker said the new facility is through Bank of America Corp. (BAC) and JPMorgan Chase & Co.(JPM).

Consumer-products makers have been hurt in recent quarters as shoppers turned to lower-cost and private-label brands. Newell Rubbermaid slashed production and jobs to offset the decline. However, in July, Chief Executive Mark Ketchum said the company's retail customers' efforts to draw down inventories appeared to be mostly complete, though its commercial and industrial customers were more active in destocking into the second and third quarters.

The company - whose brands include storage products, Sharpie and Paper Mate - said the latest action completes its refinancing moves for this year. Newell Rubbermaid in March also issued $645 million in notes.

Shares closed at $15.11 on Tuesday and didn't trade premarket. The stock is up 55% this year.

-By Tess Stynes, Dow Jones Newswires; 212-416-2481; [e-mail]