Jarden Prices $600 Mln Private Offering Of Senior Convertible Notes

(RTTNews) - Jarden Corp. (JAH) said Wednesday that it has priced $600 million in aggregate principal amount of Senior Subordinated Convertible Notes due 2034 in a private offering.

The company has also granted the initial purchasers an option to purchase up to an additional $90 million aggregate principal amount of the Convertible Notes.

The sale of the convertible notes is expected to close on March 17.

The company estimates that the net proceeds from the sale of the convertible notes will be about $585 million, after deducting estimated fees and expenses.

Jarden plans to use the net proceeds to repurchase up to $250 million of shares of its common stock under its stock repurchase program, subject to availability, and the remainder for general corporate purposes, which may include repayment of debt.