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Jarden launches $400 million 10-year notes, seeks to lower term loan B pricing by 25 bps
By Paul A. Harris
St. Louis, Feb. 2 - Jarden Corp. launched a $400 million Securities and Exchange Commission-registered offering of 10-year senior subordinated notes (B3/B-) on Friday, according to an informed source.
The Rye, N.Y.-based provider of niche consumer products is also seeking to amend its Libor plus 200 basis points term loan B, in part to lower the interest rate to Libor plus 175 bps.
Lehman Brothers is leading Jarden's debt refinancing, which includes a tender for $180 million the company's 9¾% senior subordinated notes due 2012 and the repayment of $200 million of its term loan debt.
Lehman Brothers and Citigroup are joint bookrunners for the bond deal, which will be presented in a roadshow in Boston on Monday and in New York on Tuesday and is expected to price on Wednesday.
In addition to repricing the term loan B to Libor plus 175 bps, the Jarden amendment seeks the ability to fully repay the company's outstanding senior subordinated notes.
A lender call took place early in the Jan. 29 week.
There is about $820 million of the Libor plus 200 bps term loan outstanding. The refinancing would decrease the amount outstanding to about $700 million.
Jarden also has about $380 million of its Libor plus 175 bps term loan B outstanding. The refinancing would reduce that amount to about $280 million.
The new 10-year bonds that Jarden is marketing contain a make-whole call for the first five years, following which they become callable at a premium. The bonds will also come with a three-year 35% equity clawback and a change-of-control put provision.
Goldman Sachs, CIBC World Markets and ABN Amro are senior co-managers for the bond offering. BNY Capital Markets, NatCity Investments, SunTrust Robinson Humphrey and Wachovia Securities are co-managers.
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