New Issue: Jarden upsized $550 million 10-year notes yield 7½%

By Paul A. Harris

St. Louis, Feb. 7 - Jarden Corp. priced an upsized $550 million issue of 10-year senior subordinated notes (B3/B) at par to yield 7½% on Wednesday, according to an informed source.

The yield came at the tight end of the 7½% to 7¾% price talk.

A source close to the transaction, which was upsized from $400 million, said that the book contained $3 billion of orders and was more than seven-times oversubscribed.

Lehman Brothers and Citigroup ran the books for the registered deal.

Proceeds will be used to fund the tender for $180 million of the company's 9¾% senior subordinated notes due 2012 as well as to pay down about $200 million of its term loan and for general corporate purposes including the funding of capital expenditures and potential acquisitions.

The $150 million increase in the total deal size will be used for general corporate purposes.

The issuer is a Rye, N.Y.-based provider of niche consumer products used in and around the home.

Issuer:	Jarden Corp.
Amount:	$550 million (increased from $400 million)
Maturity:	May 1, 2017
Security description:	Senior subordinated notes
Bookrunners:	Lehman Brothers, Citigroup
Co-managers:	Goldman, Sachs & Co., CIBC World Markets, ABN Amro, BNY Capital Markets, NatCity Investments, SunTrust Robinson Humphrey, Wachovia Securities
Coupon:	7½%
Price:	Par
Yield:	7½%
Spread:	276 bps
Call features:	Make-whole call at Treasuries plus 50 bps until May 1, 2012, then at 103.75, 102.50, 101.25, par on and after May 1, 2015
Equity clawback:	Until May 1, 2010 for up to 35% at 107.50
Change-of-control put:	101
Trade date:	Feb. 7
Settlement date:	Feb. 13
Ratings:	Moody's: B3
	Standard & Poor's: B
Distribution:	SEC registered
Price talk:	7½% to 7¾%

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