Jarden Corporation is going to issue $450 million in debt and buy back its own stock with up to $125 million of the proceeds. The debt will be offered, subject to market and other conditions, as senior subordinated convertible notes due in 2018 in a private offering to qualified institutional buyers. The interest rate, repurchase provisions and other terms will be determined by negotiations between the company and the initial purchasers. The company expects to grant to the initial purchasers an option to purchase up to an additional $50 million in aggregate principal amount of the convertible notes. On Sept. 11, the company's board of directors authorized an increase to the company's stock repurchase program to allow for the repurchase of up to $250 million of the company's common stock.
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