Jarden Corporation priced Thursday a €300 million euro note offering that it is placing with qualified institutional buyers and investors outside the United States. The notes would be guaranteed by certain of the company's domestic subsidiaries.
The notes will pay interest semiannually at a rate of 3.75 percent per annum and mature on Oct. 1, 2021. The closing of the offering is expected to occur on July 14, 2014, subject to the satisfaction of customary closing conditions.
Jarden estimates it will raise approximately $400.5 million in net proceeds from the sale, after deducting estimated fees and expenses and original issue discount. The company intends to use the net proceeds for general corporate purposes, which may include the funding of potential acquisitions.
Jarden sold $690 million in notes to qualified U.S. investors in March and said it would use up to $250 million of that to buy back its own stock.
Jarden Corp.'s Outdoor Solutions segment generated revenue of $2.72 billion in 2013, making it one of the largest manufacturers of sporting goods equipment in the world. It's brand portfolio includes Abu Garcia, AeroBed, Berkley, Campingaz and Coleman, ExOfficio, Fenwick, Greys, Gulp!, Hardy, Invicta, K2, Madshus, Marker, Marmot, Mitchell, Penn, Rawlings, Ride, Sevylor, Shakespeare, Stearns, Stren, Trilene, Volkl, Worth and Zoot.
