Jarden plans $795 million of debt for Yankee Candle purchase

By Sara Rosenberg

New York, Sept. 9 - Jarden Corp. expects to get $795 million in new debt financing to help fund its acquisition of Yankee Candle Investments LLC, according to an FWP filed recently with the Securities and Exchange Commission.

Earlier the company had said that the debt would be split between loans and bonds, with the exact mix still to be determined.

Other funds for the transaction will come from cash on hand and common equity.

The company already sold 15 million shares of its common stock at $47.00 per share last week for the acquisition.

Under the agreement, Yankee Candle is being purchased from Madison Dearborn Partners LLC for $1.75 billion in cash, subject to working capital and other adjustments.

Closing is expected early in the fourth quarter, subject to customary conditions and regulatory approvals.

Upon closing, Jarden would have pro forma net sales of about $7.7 billion and adjusted EBITDA of around $1 billion for the 12 months ended June 30.

Jarden is a Rye, N.Y.-based provider of a diverse range of consumer products. Yankee Candle is a South Deerfield, Mass.-based designer, manufacturer, wholesaler and retailer of scented candles.

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