Newell Rubbermaid talks six-part note sale for Jarden acquisition; may price Friday

By Aleesia Forni

New York, March 18 – Newell Rubbermaid Inc. set price talk for its planned benchmark six-tranche offering of senior notes (Baa3/BBB-/BBB-), which will be used to fund its acquisition of Jarden Corp., according to a market source.

The offering includes notes due 2019 talked in the 200 basis points area over Treasuries, notes due 2021 talked in the Treasuries plus 225 bps area, a tranche due 2023 talked in the 260 bps area over Treasuries, and a piece due 2026 talked in the area of Treasuries plus 275 bps.

A tranche of notes due 2036 is talked in the range of Treasuries plus 310 bps to 320 bps, and a note due 2046 is talked in the range of Treasuries plus 325 bps to 335 bps.

The notes may price on Friday and will feature a change-of-control put at 101%.

Goldman Sachs & Co., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and RBC Capital Markets LLC are the bookrunners.

Proceeds will be used to finance the cash consideration portion of the acquisition and to refinance outstanding Jarden debt.

Jarden is a Boca Raton, Fla.-based consumer products company.

Newell Rubbermaid is a consumer and commercial products maker based in Atlanta.

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