Spectrum Brands had a deal on the table to sell its pets supply business to a Florida company — until Monday.

Set to close in August, Spectrum, the Atlanta-based maker of Remington shavers, Rayovac batteries and Tetra aquarium products, expected to get $692.5 million from Salton Inc. of Miramar, Fla., for its United Pet Group.

Salton also would have taken $225 million of Spectrum's subordinated debt minus any accrued and unpaid interest on those debt securities up to $6.5 million, depending on the final closing date.

The snag?

Spectrum, which planned to use the proceeds to pay down debt, had to get the OK from its senior lenders.

Those lenders wouldn't consent to the deal, Spectrum said in a news release Monday. However, the company vowed they will find a way for the deal to proceed.

"The definitive purchase agreement continues in full force and effect," according to the news release. "The company intends to comply with its obligations thereunder in order to satisfy the conditions necessary to consummate the sale of its global pet supply business."

How it intends to do that is unclear. A Spectrum spokeswoman said the company would not comment beyond its statement. Salton, which markets and sells household products under the Black & Decker, George Foreman and Farberware brand names, did not return a telephone call seeking comment.

Spectrum's announcement coincided with another Wall Street analyst downgrading the company's shares to "underperform."

Joseph Altobello, a research analyst at Oppenheimer & Co., joined Connie Maneaty of BMO Capital Markets, who downgraded the company to "underperform" last week.

Shares fell 16 cents Monday, or nearly six percent, to close at $2.55.

The events follow several bad weeks at Spectrum. In May, the company nixed plans to sell its home and garden business, blaming economic conditions and "uncertainties in financial markets."

Then, Spectrum reported a second-quarter loss of $111.7 million, or $2.19 per share, compared with a loss of $237.5 million, or $4.77 per share in the year ago quarter.