Spectrum Brands Inc., the Atlanta maker of Rayovac batteries and Remington shavers, said Wednesday that it agreed to sell its global pets business to Salton Inc. for $692.5 million in cash.

The deal also calls for Salton, whose holdings include Applica Pet Products LLC, to take an aggregate amount of Spectrum's subordinated debt. That amount would be $222.5 million minus any accrued and unpaid interest on those debt securities up to $6.5 million depending on the final closing date.

Spectrum said it will use the proceeds to pay down debt.

— Peralte Paul