American Greetings talks $282 million loan at SOFR plus 475-500 bps

By Sara Rosenberg

New York, Jan. 24 – American Greetings Corp. launched on Tuesday its roughly $282 million senior secured first-lien term loan due April 6, 2026 (Ba3) with price talk of SOFR plus 475 basis points to 500 bps with a 1% floor and an original issue discount of 97, according to a market source.

The term loan has 101 soft call protection for six months and no CSA, the source said.

Also included in the term loan is a 91-day springing maturity ahead of the company’s senior notes due April 15, 2025 if more than $70 million or 33% of LTM EBITDA remains outstanding.

Barclays is the agent on the deal.

Commitments are due at 5 p.m. ET on Monday, the source added.

Proceeds will be used to amend and extend an existing roughly $282 million senior secured first-lien term loan due April 2024 that is priced at Libor plus 450 bps with a 1% floor.

American Greetings is a Cleveland-based celebration solutions provider, offering greeting cards, gift packaging, party goods, gifting products and digital offerings.

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