How many shares of new common stock are being issued?
In accordance with the terms of the confirmed Plan or Reorganization, which was effective as of August 28, 2009, holders of claims with respect to the old bonds of Spectrum Brands (including holders of the 7.375% notes due 2015, the 8.5% notes due 2013 and the variable rate PIK Toggle Notes due 2013) will receive their pro rata share of 27,030,000 shares of common stock. Additionally, 2.97 million shares will be distributed to the lenders who provided Spectrum Brands its Supplemental Debtor-in-Possession Financing, and an additional 3.33 million shares will be available to the Board of Directors to use for incentive purposes. 4.
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