Courtesy of Benzinga.
Jarden Corporation (NYSE: JAH) (the “Company”) today announced that it intends, subject to market and other conditions, to offer $450 million in aggregate principal amount of Senior Subordinated Convertible Notes due 2018 (the “Convertible Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The interest rate, initial conversion price, repurchase provisions and other terms of the Convertible Notes will be determined by negotiations between the Company and the initial purchasers. In connection with this offering, the Company expects to grant to the initial purchasers an option to purchase up to an additional $50 million in aggregate principal amount of the Convertible Notes.
On September 11, 2012, the Company’s Board of Directors authorized an increase to the Company’s stock repurchase program to allow for the repurchase of up to $250 million in aggregate of the Company’s common stock.
