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Bulletin: Jarden Corp. Ratings Unaffected By Planned Acceleration Of Share Repurchases Jan 12
Standard & Poors, Jan 2012
Abstract
NEW YORK (Standard & Poor's) Jan. 25, 2012--Standard & Poor's Ratings Services said today that the ratings and outlook on Rye, N.Y.-based Jarden Corp. (BB-/Stable/--) would be unaffected by the company's plan to pursue an accelerated share repurchase program through a tender offer for up to $500 million of its common stock. The company announced that it expects to fund the tender offer with a combination of cash and new debt. We expect Jarden will finance this program in such a way that credit measures remain close to current levels that support the ratings, including lease- and pension-adjusted debt to EBITDA close to 4.5x. The company also announced that its board has decided to suspend the common stock dividend program...
Companies mentioned in this report are: Jarden Corp.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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