Outdoor financials: Jarden gets raise from Moody’s, closes public offering
Moody's Investors Service upgraded ratings for Jarden Corp. (NYSE: JAH) based on the company's decision to raise more money than initially planned in its most recent bond offering.
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Jarden gets raise from Moody’s, closes public offering
Moody’s Investors Service upgraded ratings for Jarden Corp. (NYSE: JAH) based on the company’s decision to raise more money than initially planned in its most recent bond offering.
Jarden closed its public offering of $492 million aggregate principal amount of 7.5 percent Senior Subordinated Notes due 2020. It raised $469 million, some of which it plans to use to repay $250 million in term loans under its senior credit facility, with the balance for general corporate purposes.
Moody’s said the extra notes provide cushion in case of a default on other debt.
The agency raised its rating on Jarden’s secured credit line and two term loans — one for $735 million and the other for $600 million — to “Ba1” from “Ba2,” one notch below investment-grade.
It also raised its rating on $300 million in senior unsecured notes to “B1” from “B2,” also a non-investment grade rating.
Jarden’s outdoor portfolio includes Coleman, K2, Marmot, Campingaz and Volkl, among others.
–Compiled by Wendy Geister
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