Jarden Corporation, a US-based consumer products company, has completed a private offering of $690 million in aggregate principal amount of senior subordinated convertible notes due 2034, including $90 million sold pursuant to the initial purchasers? option.
Update March 12, 2014:
Jarden has priced its $600 million in aggregate principal amount of senior subordinated convertible notes due 2034 in a private offering to qualified institutional buyers.
The convertible notes will pay interest semiannually at a rate of 1.125% per annum. Upon conversion, holders will receive, at Jarden's discretion, cash and shares of Jarden's common stock or a combination thereof. The conversion rate will be 13.3583 shares of the Company's common stock per $1,000 principal amount of the convertible notes, which is equivalent to a conversion price of approximately $74.86 per share, which represents a conversion premium of 22.50% to the closing sale price of $61.11 per share of Jarden's common stock on March 11, 2014.
The transaction is expected to close on March 17, 2014.
Announcement (March 11, 2014):
Jarden has agreed to offer $600 million in aggregate principal amount of senior subordinated convertible notes due 2034 in a private offering.
In connection with the offering, Jarden intends to grant the initial purchasers an option to purchase up to an additional $90 million in aggregate principal amount of the senior subordinated convertible notes.