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Moody's rates Jarden's loan Ba1
Moody's Investors Service said it assigned a Ba1 rating to Jarden's proposed $250 million senior secured credit facility ($125 million term loan A and $125 million term loan B).
At the same time, Moody's affirmed all of Jarden's other ratings, its Ba3 corporate family and probability of default ratings, Ba1 term loans A and B, Ba3 senior unsecured notes, B2 senior subordinated notes and SGL 1 liquidity rating.
The outlook remains stable.
Moody's said proceeds from the new term loans and cash will be used to finance a $500 million accelerated share repurchase program through a tender offer announced last week.
"This transaction will temporarily weaken credit metrics with adjusted debt/EBITDA increasing by about a half turn to just over 5 times from around 4.5 times," Moody's senior credit officer Kevin Cassidy said in a news release.
"Credit metrics are, however, expected to return to close to current levels over the next 12-18 months because of expected earnings growth combined with repaying the $100 million of subordinated notes due in March 2012," he added in the release.
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