UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Jarden Corporation

In a report published Friday, Citigroup reiterated its Buy rating on Jarden Corporation

, and raised its price target from $51.00 to $62.00. Citigroup noted, “JAH announced a $450mm private offering of senior subordinated convertible notes with an option for an additional $50mm to the initial purchasers. The notes pay semi-annually a rate of 1.875% annually. The conversion price is $70.85 with a rate of 14.1152 shares per $1,000 principal amt of the convertible notes. The net proceeds will be approximately $437mm. The company plans to use $100mm of the net proceeds to repurchase shares at a price of $52.87.” Jarden Corporation closed on Thursday at $53.49.