Friday March 29th, 2013 - 10:52AM
Jarden Corp. announced today that it has closed its previously announced facilities increase of additional tranche A term loans under its existing senior credit facility in an aggregate principal amount of $250 million. The proceeds from the loans will fund the company's previously announced cash tender offer for any and all of the $300 million outstanding principal amount of the 8% Senior Notes due 2016 and the related consent solicitation as well as to fund the expected redemption of any notes not tendered in the tender offer.
Jarden also announced that it has accepted and rendered payment on March 28, 2013 for $168.5 million in principal amount for the notes that were tendered by 5:00 p.m. Eastern Time on March 27, 2013. This payment has made effective certain amendments to the indenture governing the notes that eliminated substantially all of the restrictive covenants contained therein and shortened the notice period for optional redemptions of the notes, the company indicated.
The tender offer will expire at 11:59 p.m., Eastern Time, on April 11, 2013, unless extended or earlier terminated.