Business news : Jarden Begins Repurchasing $300 Million in Notes

Jarden Corporation has commenced a cash tender offer for any and all of its $300 million outstanding principal amount of 8 percent senior notes due 2016. The company is also seeking the solicitation of consents from the holders  to adopt certain amendments to the indenture governing the notes.

The Tender Offer and the Consent Solicitation are scheduled to expire at 11:59 p.m., Eastern Time, on Apr. 11, 2013, unless extended or earlier terminated. Holders who validly tender their Notes and deliver their consents to the Tender Agent (as identified below) (and do not validly withdraw their Notes or revoke their consents) by 5:00 p.m., Eastern Time on March 27, 2013 (the "Early Tender Deadline"), unless extended or earlier terminated, will receive $1,046.75 per $1,000 principal amount of Notes (the "Total Consideration"), if such Notes are accepted for purchase, which includes an early tender payment of $30.00 per $1,000 principal amount of Notes. The date of such payment is expected to be on March 28, 2013.

Holders who validly tender their Notes and deliver their consents after the Early Tender Deadline but by the Expiration Time will receive $1,016.75 per $1,000 principal amount of Notes (the "Offer Consideration"), if such Notes are accepted for purchase. Final settlement of the Tender Offer will occur promptly after expiration of the Tender Offer and is expected to be on April 12, 2013.

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 in the Tender Offer.

The Tender Offer is subject to the satisfaction or waiver of certain conditions, including general conditions and a financing condition of the Company's incurrence of an additional $250 million in term loans under the Company's senior credit facility. The consents are being solicited to eliminate substantially all of the restrictive covenants and related events of default contained in the Indenture. If the proposed amendments become operative, a notice of redemption to Holders whose Notes are to be redeemed will be permitted to be provided not less than 15 days before a redemption date instead of not less than 30 days before a redemption date as currently required under the Indenture. Holders may not tender their Notes pursuant to the Tender Offer without delivering consents or deliver consents without tendering their Notes.

Holders may withdraw tenders and revoke consents at any time prior 5:00 p.m., Eastern Time on March 27, 2013 (the "Withdrawal Deadline") unless extended by the Company.

If less than all of the Notes are tendered and accepted for purchase pursuant to the Tender Offer, the Company intends to redeem the remaining outstanding Notes upon the terms and conditions set forth in the Indenture; however, the Company is not obligated to do so.

( Source Jarden through SportsOneSource )