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Jarden Upsizes and Prices New Stock Issue

By Eric Volkman - Sep 5, 2013 at 4:57PM

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The company boosts the offering by 3.4 million shares.

Jarden (NYSE: JAH) is going to be taking in a bit more capital from its stock issue than previously anticipated. The company has boosted the number of shares of common stock it will sell in the offering, to an even 15 million, from the formerly announced 11.6 million. The shares will hit the market in an underwritten public issue priced at $47.00 apiece. Additionally, the company's underwriters have been granted a 30-day purchase option for up to an additional 15% of the issued amount, or 2.25 million shares.

Jarden estimates it will net $678.7 million in base proceeds from the offering, or up to $781.4 million if the underwriters fully exercise their purchase option. The monies will be used to fund the acquisition of Yankee Candle Investments, a deal that was announced earlier this week.

Barclays unit Barclays capital is the lead joint book-running manager of the issue, while SunTrust Robinson Humprey, JPMorgan Chase subsidiary J.P. Morgan Securities, and Credit Suisse Securities are joint book-running managers. The offering is expected to close on September 10.

At the moment, Jarden has 112.6 million shares outstanding, and its stock most recently closed at the issue's price of $47.00 per share.

Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool owns shares of JPMorgan Chase. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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