-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PXGNjOxO6pPspZ9JjCoU8coqm9FaevBYmHSLJlKjjgOWbI12purIQzCmE4ZNy0pV OV8fQxKcrGLZiN4YtiokBQ== 0001193125-07-156742.txt : 20070718 0001193125-07-156742.hdr.sgml : 20070718 20070717214533 ACCESSION NUMBER: 0001193125-07-156742 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070717 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070718 DATE AS OF CHANGE: 20070717 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JARDEN CORP CENTRAL INDEX KEY: 0000895655 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MISCELLANEOUS NONDURABLE GOODS [5190] IRS NUMBER: 351828377 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13665 FILM NUMBER: 07985404 BUSINESS ADDRESS: STREET 1: 555 THEODORE FREMD AVE CITY: RYE STATE: NY ZIP: 10580 BUSINESS PHONE: 914 967 9400 MAIL ADDRESS: STREET 1: 555 THEODORE FREMD STREET 2: AVE CITY: RYE STATE: NY ZIP: 10580 8-K 1 d8k.htm FORM 8-K FORM 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


FORM 8-K

 


CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 17, 2007

 


Jarden Corporation

(Exact name of registrant as specified in its charter)

 


 

Delaware   001-13665   35-1828377

(State or other jurisdiction

of incorporation)

  (Commission File Number)  

(IRS Employer

Identification No.)

 

555 Theodore Fremd Avenue, Rye, New York   10580
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code (914) 967-9400

 

(Former name or former address, if changed since last report.)

 


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 



Item 7.01 Regulation FD Disclosure.

In connection with Jarden Corporation’s (“Jarden” or the “Company”) previously announced financing for its pending acquisition of K2 Inc. (“K2”), the Company has disclosed certain pro forma financial information relating to the Company taking into effect the acquisition of K2 and the proposed financing arrangements in connection therewith. A copy of such pro forma financial information and information relating to the proposed financing of the acquisition of K2 is attached hereto as Exhibit 99.1.

The information furnished in Item 7.01 of this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Exhibit 99.1 sets forth certain pro forma financial information. Jarden has prepared this pro forma financial information based upon available information and certain assumptions that it believes are reasonable. However, the pro forma financial information is not necessary indicative of Jarden’s financial position or results of operations that would have occurred if the acquisition of K2 and the other transactions reflected therein had been completed as of the dates indicated, nor should it be construed as being a representation of Jarden’s future financial position or results of operations.

In addition, please note that Exhibit 99.1 addresses events or results that have not yet occurred or been realized, commonly referred to as forward-looking statements. Exhibit 99.1 contains “forward-looking statements” within the meaning of the federal securities laws and is intended to qualify for the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995, including statements and calculations regarding anticipated debt issuances and savings in costs and expenses (and synergies), including Jarden’s ability to integrate and obtain the anticipated results and synergies from its acquisition of K2. These statements and calculations are based on management’s estimates and assumptions with respect to future events and financial performance and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results which may differ materially from forward-looking statements will be dependent upon various factors and risks, including those described from time to time in Jarden’s periodic and other reports filed with the Securities and Exchange Commission. Jarden undertakes no obligation to make any revisions to the statements contained in Exhibit 99.1 or to update them to reflect events or circumstances occurring after the date hereof.

 

Item 9.01 Financial Statements and Exhibits

 

  (d) Exhibits. The following Exhibit is filed herewith as part of this report:

 

Exhibit

 

Description

99.1

  Pro forma financial information and information relating to the proposed financing of the acquisition of K2.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 17, 2007

 

JARDEN CORPORATION

By:  

/s/ Ian G.H. Ashken

Name:   Ian G.H. Ashken
Title:   Vice-Chairman and Chief Financial Officer


EXHIBIT INDEX

 

Number

 

Exhibit

99.1

  Pro forma financial information and information relating to the proposed financing of the acquisition of K2.
EX-99.1 2 dex991.htm PRO FORMA FINANCIAL INFORMATION Pro Forma Financial Information

Exhibit 99.1

The following table sets forth, as of March 31, 2007, the estimated sources and uses of funds in connection with the acquisition of K2:

SOURCES AND USES OF FUNDS

($ in millions)

 

Sources:

  

Securitization Facility

   $ 175

ABL Facility (1)

     245

Term Loan B

     500

JAH Equity

     239
      

Total Sources

   $ 1,159

 

Uses:

  

Equity Purchase Price ($ 15.50)

   $ 795

Repayment of K2 Debt

     316

Estimated Breakage Costs (2)

     15

Change of Control Payments (3)

     16

Fees & Expenses

     16
      

Total Uses

   $ 1,159

(1) Total facility size is $400 million.
(2) Represents the estimated premium to be paid to retire K2’s $200 million of Senior Notes due 2014 bearing 7.375% interest.
(3) Estimated severance payments for key corporate executives at K2.

 


1


PRO FORMA CAPITALIZATION

($ in millions)

 

     As of March 31, 2007
     Jarden    K2    Uses
Adj.
    Sources
Adj.
   K2 Acq.
Pro Forma
   Full Pro
Forma (1)

Cash and Cash Equivalents

   $ 392    $ 24         $ 416    $ 116

Senior Credit Facilities

                

Revolver

        91    (91 )        —        —  

Term Loan - B

     975         500      1,475      1,475

ABL Facility (2)

           245      245      245
                                

Total Bank Debt

   $ 975    $ 91         $ 1,720    $ 1,720

Securitization Facility

           175      175      175

Other

     111              111      111
                                

Total Senior Secured Debt

   $ 1,086    $ 91         $ 2,006    $ 2,006

Senior Subordinated Notes

     660      200    (200 )        660      660

Seller’s Note

                   100

Foreign Debt

        25    (25 )        —        —  

Convertible Debentures

        75           75      75
                                

Total Debt

   $ 1,746    $ 391         $ 2,741    $ 2,841

Total Net Debt (3)

   $ 1,375    $ 367         $ 2,346    $ 2,746

Shareholders’ Equity

   $ 1,268    $ 545    (545 )   207    $ 1,476    $ 1,476
                                

Total Capitalization

   $ 3,015    $ 937         $ 4,217    $ 4,317
                                

(1) Pro Forma for Pure Fishing acquisition.
(2) Does not include outstanding letters of credit of approximately $30 million.
(3) As per Jarden’s Credit Agreement, Net Debt is calculated using cash balance above $20 million.

 

2


COMBINED LTM INCOME STATEMENT

($ in millions)

 

     Last Twelve Months Ended, March 31, 2007  
     Jarden     K2     Combined  

Net Sales

   $ 3,876     $ 1,419     $ 5,295  

Cost of Sales

     2,918       915       3,833  
                        

Gross Profit

   $ 958     $ 504     $ 1,462  

SG&A

   $ 614     $ 418     $ 1,032  

Reorganization Costs

     37       0       37  
                        

Operating Income

   $ 307     $ 87     $ 394  

Margin (%)

     7.9 %     6.1 %     7.4 %

Purchase Accounting Adjustment

     10       —         10  

Reorganization & Integration-related Costs

     37       —         37  

Impairment / Write-off of Assets

     0       —         0  

Other Integration-related Costs

     4       —         4  

Stock-Based Compensation

     24       3       27  

Depreciation & Amortization

     69       37       105  
                        

Adjusted EBITDA (1)

   $ 451     $ 126     $ 577  

Margin (%)

     11.6 %     8.9 %     10.9 %

Capital Expenditures

   $ 72     $ 33     $ 105  

As a % of Net Sales

     1.9 %     2.3 %     2.0 %

Source: Company filings.

(1) Represents Consolidated Segment Earnings. Excluding restructuring, non-operational and non-cash charges and credits.

PRO FORMA LTM EBITDA DATA

($ in millions)

 

    

LTM 3/31/07

Pro Forma EBITDA

Combined Jarden & K2

   $ 577

Other 2007 Acquisition

     38

Run Rate Synergies

     30
      

Total Pro Forma Adjusted EBITDA

   $ 644

 

3

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