Jarden Corp., the parent of Coleman and K2 Sports, said that it has taken steps to alleviate any potential impact from the worsening credit crunch and the collapse of investment banking giant Lehman Brothers.

Jarden said it decided to partially draw down on its previously undrawn revolver last Friday, although it has no current need for the liquidity. In addition, the company intends to replace Lehman Brothers as Administrative Agent on its credit facilities pursuant to the terms of a credit agreement.

Lehman, which filed for bankruptcy on Monday, provides less than 10% of the financing under Jarden’s revolving credit agreement.

“One of Jarden’s core strengths is its fiscal conservatism and our belief in diversification and robust risk management practices,” said Martin E. Franklin, chairman and chief executive officer of Jarden. “Our early action and contingency planning is designed to protect our businesses from the impact of macro events such as the recent developments in the financial services sector.”

Jarden said it that while AIG, the troubled insurer, is not one of Jarden’s first tier insurance carriers, the company “has reviewed the lower tier coverage provided by AIG to confirm it has no material financial exposures at this level.”