| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers J > Headlines for Jarden Corp. > News item |
Jarden launches $600 million in add-on term B-1 and new term B-2 debt
By Sara Rosenberg
New York, July 20 – Jarden Corp. launched on its call on Monday $600 million of new term loan debt split between a fungible add-on term loan B-1 due Sept. 30, 2020 and a new seven-year term loan B-2, according to a market source.
The sizes of the add-on loan and the new B-2 loan are still to be determined.
Pricing on all of the term loan debt is Libor plus 275 basis points with no Libor floor, which matches pricing on the company’s existing term loan B-1, the source said.
The add-on B-1 loan is talked with an original issue discount of 99.5 to 99.75 and the new term loan B-2 is talked with a discount of 99 to 99.25, the source continued.
The add-on, the B-2 loan and the company’s existing B-1 loan will all get 101 soft call protection for six months.
Barclays, Credit Suisse Securities (USA) LLC and UBS AG are the bookrunners on the deal.
Commitments are due on July 27, the source added.
Proceeds will be used to help fund the company’s acquisition of Waddington Group Inc. from Olympus Partners and other stockholders for about $1.35 billion.
Other funds for the transaction will come from the sale of common stock and cash on hand.
Closing is expected in the third quarter, subject to customary conditions and regulatory approvals.
The company is targeting year-end bank leverage of 3 times or below and at least $4 billion of cash flow from operations over the next five years.
Jarden is a Boca Raton, Fla.-based diversified consumer products company. Waddington is a Covington, Ky.-based manufacturer and marketer of disposable tableware for commercial, foodservice and retail markets.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.