Jarden Corporation raised $969.0 million after underwriting discounts, commission and other expenses in a public offering of 18.4 million shares of its common stock, to help pay for a recent acquisition and other corporate purposes.
The company said underwriters fully exercised their options by purchasing 2.4 million shares of common stock. The shares were priced at $54.50.
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, which Jarden plans to fold into its Branded Consumables segment. If the acquisition of Waddington is not completed, Jarden intends to use net proceeds from the offering for general corporate purposes.
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.
Barclays Capital Inc., Credit Suisse Securities (USA) LLC and UBS Securities LLC acted as lead book-running managers for the offering. RBC Capital Markets, LLC, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC acted as joint book-running managers for the offering.
