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March 28, 2013 /PRNewswire/ -- Jarden Corporation (NYSE: JAH) ("Jarden" or the "Company") 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 are being used to fund the Company's previously announced cash tender offer (the "Tender Offer") for any and all of the
$300 million outstanding principal amount of the 8% Senior Notes due 2016 (the "Notes") 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 (the "Early Tender Deadline"). This payment has made effective certain amendments to the indenture governing the Notes (the "Indenture") that eliminated substantially all of the restrictive covenants contained therein and shortened the notice period for optional redemptions of the Notes.
The Tender Offer will expire at
11:59 p.m., Eastern Time, on
April 11, 2013 (the "Expiration Time"), unless extended or earlier terminated. As described in more detail in the Offer to Purchase and related Consent and Letter of Transmittal, subject to the terms and conditions of the Tender Offer, holders of the Notes who validly tender their Notes and deliver their consents after the Early Tender Deadline but by the Expiration Time are eligible to receive an amount equal to
$1,000 principal amount of Notes tendered. Holders whose tendered Notes are accepted for purchase will also receive accrued and unpaid interest from, and including, the most recent interest payment date for the Notes, to, but not including, the applicable payment date for the Notes. Notes tendered after the Early Tender Deadline may not be withdrawn and the related consents may not be revoked.
If less than all of the Notes are tendered and accepted for purchase pursuant to the Tender Offer, Jarden expects to redeem the remaining outstanding Notes upon the terms and conditions set forth in the Indenture; however, Jarden is not obligated to do so.