Jarden said it expect to raise up to $1.03 billion from an offering of its common stock this week after increasing the number and price of shares it will sell.
Jarden, which owns more than two dozen sporting goods brands, said the size of the offering has been increased to 16 million from 14 million shares and priced at $54.50 per share. The offering is expected to close July 22, subject to standard closing conditions. In connection with the offering, Jarden has granted the underwriters an option for a period of 30 days to purchase up to an additional 2.4 million shares of common stock.
The company expects the total gross proceeds from the offering, before deducting underwriting discounts and commissions and other estimated offering expenses, will be $872.0 million, or $1.03 billion if the underwriters exercise in full their option to purchase additional shares.
The company expects to use the net proceeds of the offering to fund a portion of the purchase price and related fees and expenses for the recently announced acquisition of Waddington Group, Inc. (“Waddington”). The offering is not conditioned on the closing of the acquisition of Waddington. If the acquisition of Waddington is not completed, Jarden intends to use the net proceeds from the offering for general corporate purposes.
Barclays Capital Inc., Credit Suisse Securities (USA) LLC and UBS Securities LLC are acting as lead book-running managers for the offering. RBC Capital Markets, LLC, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering.
Jarden Corporation owns a portfolio of over 120 consumer brands through three segments, including Outdoor Solutions, which owns Abu Garcia, AeroBed, Berkley, Campingaz and Coleman, Dalbello, ExOfficio, Fenwick, Greys, Gulp!, Hardy, Invicta, K2, Marker, Marmot, Mitchell, PENN, Rawlings, Shakespeare, Squadra, Stearns, Stren, Trilene, Volkl and Zoot.
