Jarden buys back $167 million 9¾% notes

By Angela McDaniels

Seattle, Feb. 14 - Jarden Corp. used proceeds from its $650 million offering of 7½% senior subordinated notes due 2017 to buy back $167 million, or 93%, of its outstanding 9¾% senior subordinated notes due 2012, according to a company news release.

The notes were tendered under an offer that ends at 5 p.m. ET on Feb. 27. A concurrent consent solicitation ended on Feb. 9.

The tender consideration is $1,057 for each $1,000 principal amount of notes, which includes a $30.00 consent payment for noteholders who tendered by the consent deadline.

Following the purchase, the supplemental indenture eliminating substantially all restrictive covenants in the note indenture is now operative.

The company announced plans for the tender offer on Feb. 2.

Lehman Brothers Inc. (800 438-3242 or call collect 212 528-7581) is the dealer manager and solicitation agent, and Global Bondholder Services Corp. (866 470-4200 or call collect 212 430-3774) is the information agent.

Jarden is based in Rye, N.Y., and produces niche consumer products used in and around the home.

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