Russ Berrie gets $175 million amended and restated credit facility

By Sara Rosenberg

New York, April 8 - Russ Berrie and Co. Inc. closed on a $175 million amended and restated credit facility due April 1, 2013, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

Bank of America acted as the lead arranger on the deal that was completed on April 2. LaSalle Bank acted as the administrative agent, Sovereign Bank acted as the syndication agent and Wachovia Bank acted as the documentation agent.

The facility, which is borrowed by the company's infant & juvenile segment, consists of a $75 million revolver and a $100 million term loan, with both tranches initially priced at Libor plus 275 basis points. Pricing on the tranches can range from Libor plus 200 bps to 300 bps, depending on total debt to EBITDA.

The unused fee on the revolver can range from 40 bps to 60 bps.

Amortization on the term loan is an annual rate of $14.4 million per year, commencing on June 30.

Proceeds were used to fund the acquisitions of LaJobi Industries, Inc., a Cranbury, N.J.-based branded infant furniture and related products company, and CoCaLo Inc., a Costa Mesa, Calif.-based infant bedding and accessory products company.

Russ Berrie is an Oakland, N.J.-based designer, manufacturer, marketer and distributor of infant and juvenile, and gift consumer products.

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