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American Greetings tenders, asks consents for 7 7/8% notes due 2025
By Wendy Van Sickle
Columbus, Ohio, Feb. 20 – American Greetings Corp. is tendering for its $17.53 million of outstanding 7 7/8% senior notes due 2025.
The total purchase price will be 88% of par, which includes a consent payment of 0.25% for notes tendered by the consent payment deadline of 5 p.m. ET on March 5.
The base price will be 87.75% of par for notes tendered after the consent date.
Holders also will receive accrued interest up to but excluding the payment date.
American Greetings also is soliciting consents to eliminate substantially all of the restrictive covenants, some events of default and other related provisions, according to a company press release.
The tender offer will end at 12 a.m. ET on March 20.
Early settlement is expected on March 6 and final settlement promptly after the offer’s expiration.
The offer is subject to some conditions.
Huntington National Bank (614 331-8698 or corporatebondops@huntington.com) is the information and tender agent.
American Greetings is a Cleveland-based greeting card company.
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