Jarden to repay some term loan borrowings with notes proceeds

By Sara Rosenberg

New York, Jan. 11 - Jarden Corp. plans to repay a portion of its term loan due in 2012 using proceeds from a $400 million senior subordinated notes offering, according to a news release.

Remaining proceeds from the offering will be used for general corporate purposes.

This bond offering would complete the balance sheet goals that the company communicated to investors in the first quarter of 2009, which were lowering term loan B borrowings while extending debt maturities and maintaining strong liquidity, Martin E. Franklin, chairman and chief executive officer, explained in the release.

Jarden is a Rye, N.Y.-based consumer products company.

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