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American Greetings to start roadshow Tuesday for $200 million 10-year notes
By Paul A. Harris
St. Louis, May 12 - American Greetings Corp. will begin a roadshow on Tuesday for a $200 million offering of 10-year senior notes (BB+), according to a market source.
The roadshow is expected to conclude on Thursday, with the notes pricing on Friday.
UBS Investment Bank and JP Morgan are joint bookrunners for the registered offering. KeyBanc Capital Markets is the joint lead manager.
The notes will come with five years of call protection and with a three-year 35% equity clawback.
Proceeds will be used to repurchase the company's 6.1% senior notes due Aug. 1, 2028. Prior to the repurchase, all or a portion of proceeds may be invested in short-term investments.
American Greetings is a Cleveland-based manufacturer of social expression products.
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