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American Greetings plans debt financing, new secured credit agreement
By Susanna Moon
Chicago, Jan. 30 – American Greetings Corp. is planning debt securities financing and a new senior secured credit agreement to fund cash tender offers for two series of notes, according to a company release.
American Greetings began cash tender offers for its $225 million of outstanding 7 3/8% senior notes due 2021 and the $285 million of outstanding 9¾%/10½% senior pay-in-kind toggle notes due 2019 issued by Century Intermediate Holding Co. 2, its indirect parent holding company.
The total purchase price per $1,000 principal amount will be $1,041.13 for the 7 3/8% notes and $1,012.75 for the PIK notes.
The tender offers are contingent upon closing of the debt financing and credit agreement, the release noted.
American Greetings is a Cleveland-based greeting card company.
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