Jarden Corporation has priced the sale of $550 million of its 7-1/2% Senior Subordinated Notes due 2017. The $550 million aggregate principal amount of notes is an increase from the $400 million offering amount previously announced by Jarden.
The offering of the notes is expected to occur on February 13, 2007. In connection with the closing of the sale of the notes, Jarden also intends to enter into an amendment to its existing senior secured credit facility to, among other things, obtain the consent of its lenders for the repurchase of all of its existing senior subordinated notes and to modify certain covenants to provide Jarden with increased flexibility.
Jarden intends to use the net proceeds from the offering to purchase all of its 9-3/4% Senior Subordinated Notes due 2012 that are tendered in connection with the previously announced tender offer for such notes and pay accrued and unpaid interest on all such notes and all tender premiums and transaction expenses; pay down a portion of its outstanding term loan debt under its senior credit facility; and for general corporate purposes, including the funding of capital expenditures and potential acquisitions.
Lehman Brothers Inc. and Citigroup Global Markets Inc. are joint book- running managers for the offering; Goldman, Sachs & Co., CIBC World Markets Corp. and ABN AMRO Incorporated are senior co-managers; and BNY Capital Markets, Inc., NatCity Investments, Inc., SunTrust Capital Markets, Inc. and Wachovia Capital Markets, LLC are co-managers for the notes offering.
