American Greetings plans to sell $225 million 10-year senior notes

By Paul A. Harris

Portland, Ore., Nov. 15 - American Greetings Corp. plans to price a $225 million offering of 10-year senior notes (confirmed Ba2/existing BB+) on Thursday or Friday at the conclusion of a brief roadshow, an informed source said on Tuesday.

J.P. Morgan Securities LLC and Bank of America Merrill Lynch are the joint bookrunners.

The notes, which have been registered with the Securities and Exchange Commission, come with five years of call protection.

The Cleveland-based greeting card company plans to use the proceeds, together with cash on hand, to finance the tender offer for its outstanding 7 3/8% senior notes due 2016.

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