American Greetings to sell $325 million senior notes for acquisition

By Paul A. Harris and Sara Rosenberg

Portland, Ore., March 16 – American Greetings Corp. plans to sell $325 million of senior notes as part of the debt financing backing Clayton, Dubilier & Rice’s acquisition of a 60% ownership stake in the company, according to a market source.

That financing also includes a $445 million seven-year term loan that is set to launch at a bank meeting on Monday, via lead left arranger Barclays, and joint arrangers Deutsche Bank, Citizens, ING, BofA Merrill Lynch, HSBC, SMBC Nikko, KeyBanc and CIBC World Markets.

The debt financing also includes a $250 million revolver.

The Weiss Family will retain a 40% stake in the business.

American Greetings is a Cleveland-based designer, manufacturer and distributor of greeting cards, gift packaging, party goods and stationery products.

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