American Greetings to launch $800 million term loan on Tuesday

By Sara Rosenberg

New York, April 8 – American Greetings Corp. is scheduled to hold a lender call at 11 a.m. ET on Tuesday to launch an $800 million 5˝-year senior secured term loan B, according to a market source.

Barclays is the lead on the deal and the administrative agent.

The term loan has 101 soft call protection for six months, the source said.

Proceeds will be used to refinance an existing first-lien term loan due 2028 and any outstanding revolving credit facility borrowings, to fund a distribution to shareholders and to add cash to the balance sheet.

Concurrently with this transaction, the company’s 2025 notes will be repaid, the source added.

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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