Jarden Closes $300 Million Notes Offering.
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- May 04 2009
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Jarden Corporation, parent company of K2 and other action sports brands, announced it has closed on its offering of $300 million aggregate principal amount of 8% Senior Notes due 2016.
According to SportsOneSource:
The net proceeds to Jarden, after payment of underwriting discounts and other expenses of the offering, was approximately $283 million.
The company intends to use the net proceeds of the offering of the notes to repay a portion of its senior credit facility term loans.
The public offering was announced less than a week before and comes on the heels of Jarden’s Q1 earnings report. Jarden Corporation announced in its Q1 financial report that sales from its Outdoor Solutions segment, which includes K2, fell 10.2 percent to 591.3-million dollars from 658.3-million in the same period in 2008. Segment operating income fell 28.1 percent to 26.6-million dollars in Q1, compared to 37.0-million in the 2008 first quarter.
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