Jarden Corporation priced its previously announced public offering of 10 million shares of its common stock at $49.00 per share Friday. The offering is expected to close October 21, subject to standard closing conditions.
In connection with the offering, Jarden granted the underwriters an option for a period of 30 days to purchase up to an additional 1.5 milion 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, to be $490.0 million, or $563.5 million if the underwriters exercise in full their option to purchase additional shares.
Jarden expects to use the net proceeds to fund a portion of the recently announced acquisition of the parent company of Jostens Inc., which sells yearbooks and a broad array of customized apparel and products to high schools nationwide.
The offering is not conditioned on the closing of the acquisition of Jostens and the company cannot assure you that such acquisition will be completed. If the acquisition of Jostens 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.
