Outdoor financials: Jarden rating upgraded by Moody's, plus Wolverine
Moody's Investors Service upgraded its corporate family rating and probability of default ratings on Jarden, and Wolverine got a $15.8 million boot contract for the Marines.
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Jarden rating upgraded by Moody’s
Moody’s Investors Service on Friday upgraded its corporate family rating and probability of default ratings on Jarden Corp. to “Ba3” from “B1” following a proposed amendment of a piece of its term loan and its operating performance in the midst of the uncertain economy.
Jarden’s (NYSE: JAH) outdoor portfolio includes Coleman, Atlas, ExOfficio and Marmot, among others.
Moody’s also assigned a “Ba1” rating to the new $470 million term loan and $150 million credit facility and affirmed the “Ba1” rating on the $600 million term loan.
Moody’s said Jarden has had a strong operating performance throughout the economic downturn and improved its liquidity profile with the proposed amendment of its secured credit facility.
Moody’s last rating action was on Jan. 12 when it upgraded Jarden’s secured credit facilities and unsecured notes to “Ba1” and “B1.” All other ratings were affirmed with a positive outlook.
Wolverine gets $15.8 million boot contract for Marines
Wolverine World Wide (NYSE: WWW), parent of Merrell, said it has won a contract worth up to $15.8 million to make hot weather boots for the U.S. Marine Corps.
Wolverine’s proposal was one of four submitted to the Defense Logistics Agency Troop Support of Philadelphia. The company has to finish its work by Aug. 14, 2011.
–Compiled by Wendy Geister
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