American Greetings pays down $118 million term loan

By Sara Rosenberg

New York, April 15 - American Greetings Corp. paid down the entire $118 million outstanding balance under its term loan due June 2006. The company was able to repay the loan early due to strong cash flow performance in fiscal 2003.

At the end of fiscal 2003, the company has a cash balance of more than $200 million. Furthermore, the Cleveland greeting cards company expects to generate more than $150 million in cash flow from operating and investing activities in fiscal 2004.

"Today's announcement reflects both our commitment to continuously improving our capital structure, as well as our ability to produce strong cash flow from operations," said Bob Ryder, senior vice president and chief financial officer, in a news release.

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