Jarden accepts tenders for 56.2% of $300 million 8% notes due 2016

By Toni Weeks

San Luis Obispo, Calif., March 28 - Jarden Corp. announced in a press release that holders of $168.5 million, or 56.2%, of its $300 million of 8% senior notes due 2016 tendered their notes by 5 p.m. ET on March 27, the early tender deadline for the company's tender offer.

As a result, Jarden received enough consents from holders to adopt some amendments to the indenture governing the notes to eliminate substantially all of the restrictive covenants and related events of default.

As previous reported, the total purchase price will be $1,046.75 per $1,000 principal amount of notes tendered by the early tender deadline. The amount includes a $30.00 early tender payment. After settlement for these notes on March 28, Jarden will execute a supplemental indenture effecting the proposed amendments.

The tender offer will expire at 11:59 p.m. ET on April 11. Notes tendered after the early deadline will not receive the $30.00 early tender payment. Final settlement is scheduled for April 12.

The company will also pay accrued interest from the most recent interest payment date up to but excluding the applicable settlement date.

Holders were required to deliver consents with their tenders and were allowed to withdraw tenders and revoke consents prior to the early tender deadline.

The tender offer is subject to the company obtaining an additional $250 million of term loans under its senior credit facility, which has been satisfied. Jarden added a $250 million term loan A-1 due March 31, 2016 to its capital structure on March 15, as reported by Prospect News.

The company intends to redeem any notes that are not tendered by the expiration date, the release said. Because the proposed amendments will be operative, a notice of redemption will be provided not less than 15 days before the redemption date, rather than not less than 30 days, as was previously required under the indenture.

Barclays (800 438-3242 or collect 212 528-7581) is the lead dealer manager and, with co-dealer manager Credit Suisse Securities (USA) LLC, also the solicitation agent.

D.F. King & Co., Inc. (800 769-4414 or, for banks and brokers, 212 269-5550) is the tender agent and information agent.

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

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