Jarden Switches Lead Bank Based On Prior Relationship

  • 23 Jun 2002
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Jarden, formerly Alltrista, has chosen Bank of America to lead its new $100 million credit facility over the incumbent, BANK ONE. Ian Ashken, vice chairman and cfo, said the Rye, N.Y., company decided to switch its lead bank because the new management had a historical relationship with B of A. The company also was pleased that the bank group had decreased to 10 banks because it is easier to work on amendments to the agreement, if need be, he noted. CIBC World Markets, National City Bank, Bank of New York, FleetBoston Financial, Harris Trust & Savings Bank, U.S. Bank, Allfirst Bank, Transamerica Business Capital andUnion Federal Savings Bank participated on the new deal.

The new credit facility comprises a five-year, $50 million revolver and a five-year, $50 million term loan. Pricing on both tranches is based on a grid tied to leverage and is set at LIBOR plus 23/ 4% if the ratio is greater than three times and LIBOR plus 21/ 2% at leverage of between 2.5 times and three times.

The credit facility was put in place to back the company's acquisition of Tilia, a developer and distributor of home food preservation products. The acquisition financing also includes a $150 million offering of 10-year senior subordinated notes with a coupon of 93/ 4%. "We did the subordinated notes because we wanted to have long-term money," Ashken said.

The revolving portion of the facility is available to finance future acquisitions, but Ashken said nothing is in the pipeline right now. Alltrista changed its name to Jarden at the beginning of this month to more accurately reflect its focus on consumer products used in home food preservation.

 

  • 23 Jun 2002

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