American Greetings kicks off $325 million eight-year notes offering

By Paul A. Harris

Portland, Ore., March 23 – American Greetings Corp. plans to start a roadshow on Monday for a $325 million offering of eight-year senior notes (Caa1/CCC+), according to market sources.

The deal, which was announced Friday, is being led by Deutsche Bank Securities Inc., and is expected to price on April 3.

The notes come with three years of call protection.

Proceeds, along with a $445 million term loan and a $250 million revolver, will be used to help fund the acquisition of a 60% ownership stake in the Cleveland-based greeting card company by Clayton, Dubilier & Rice.

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