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48 Jarden Corporation Annual Report 2013
9. Debt
Debt is comprised of the following at December31, 2013 and 2012:
(In millions) 2013 2012
Senior Secured Credit Facility Term Loans $2,127.4$1,235.5
8% Senior Notes due 2016 — 295.7
61⁄8% Senior Notes due 2022 (a) 300.0 300.0
71⁄2% Senior Subordinated Notes due 2017 (b) 654.1 655.3
71⁄2% Senior Subordinated Notes due 2020 (b) 477.1 468.4
1 7/8% Senior Subordinated Convertible Notes due 2018 (c) 433.0 420.9
11⁄2% Senior Subordinated Convertible Notes due 2019 (c) 218.5 —
Securitization Facility 477.9 383.8
Non-U.S. borrowings 45.6 31.8
Other 8.8 6.7
Total debt 4,742.4 3,798.1
Less: current portion (655.1)(504.7)
Total long-term debt $4,087.3$3,293.4
(a) The “Senior Notes.”
(b) Collectively, the “Senior Subordinated Notes.”
(c) Collectively, the “Senior Subordinated Convertible Notes.”
Senior Secured Credit Facility
In October 2013, the Company entered into an amendment to its senior secured credit facility (the “Facility”), which resulted in, among
other things, the Company borrowing an additional $750 under a new senior secured term loan B1 facility that matures in September
2020 and bears interest at LIBOR plus a spread of 275 basis points. The proceeds were used to fund a portion of the YCC Acquisition.
In March 2013, the Company entered into an amendment to the Facility, which resulted in, among other things, lowering the spread on
the term loan A and term loan B facilities and the Company borrowing an additional tranche (term loan A1) of $250 under the existing
senior secured term loan A portion of the Facility that matures in March 2018 and bears interest at LIBOR plus a basis points spread.
Additionally, following the amendment, the existing senior secured term loan B portion of the Facility, which matures in March 2018,
bears interest at LIBOR plus a basis points spread. The proceeds were used to fund the repurchase of all of the outstanding principal
amount of the Company’s 8% Senior Notes due 2016 (the “Notes”).
At December31, 2013, the Facility is comprised of:
• a $675 senior secured term loan A facility maturing in March 2016, that bears interest at LIBOR plus a basis points spread;
• a $250 senior secured term loan A1 facility maturing in March 2018, that bears interest at LIBOR plus a basis points spread;
• a $650 senior secured term loan B facility maturing in March 2018 that bears interest at LIBOR plus a basis points spread;
• a $750 senior secured term loan B1 facility maturing in September 2020 that bears interest at LIBOR plus a basis points spread;
and
• a $250 senior secured revolving credit facility (the “Revolver”), which is comprised of a $175 U.S. dollar component and a $75
multi-currency component. The Revolver matures in March 2016 and bears interest at certain selected rates, including LIBOR
plus a basis points spread. At December31, 2013 and 2012, there was no amount outstanding under the Revolver. The Company
is required to pay an annualized commitment fee of approximately 0.38% on the unused balance of the Revolver.
The weighted average interest rate on the Facility was approximately 2.5% at December31, 2013.
Senior Notes and Senior Subordinated Notes
In March 2013, the Company commenced a cash tender offer (the “Tender Offer”) to purchase any and all of the outstanding principal
amount of the Notes. In March 2013, pursuant to the Tender Offer, the Company repurchased approximately $168 aggregate principal
Notes to Consolidated Financial Statements
Jarden Corporation Annual Report 2013 (Dollars in millions, except per share data and unless otherwise indicated)