Spectrum Brands Holdings is planning to refinance its existing $680 million senior secured term loan with a new term loan facility. The consumer products maker has already paid $70 million of the original $750 million senior secured term loan, maturing in June 2016.

Spectrum Brands expects to complete the refinancing by the end of January 2011. The company is seeking to get a new term loan facility at a lower interest rate.

Click here for the release fromBusiness Wire.