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
For more information about any public company on this page or its financial reports, as well as to view stock prices updated every 15 minutes, visit the SNEWS® Stock Market Updates. Click on: www.snewsnet.com/cgi-bin/snews/stock_report.html.