American Greetings amends facility to cut interest, remove Libor floor

By Jennifer Chiou

New York, Sept. 10 – American Greetings Corp. entered into on Sept. 5 an amendment to its credit agreement with Bank of America, NA as global administrative agent and PNC Bank, NA as the revolver agent and the collateral agent, according to an 8-K filed with the Securities and Exchange Commission.

The amendment, among other things, reduces the interest rate for revolving loans by 50 basis points and the rate applicable to the term loan by 75 bps, the filing stated.

The changes also include the removal of the Libor floor and the reduction of the unused fee by 12.5 bps.

The general restricted payment basket has been reset to $35 million.

The borrower is a Cleveland-based greeting card company.

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