Russ Berrie gets $115 million in new credit facilities

By Sara Rosenberg

New York, March 16 - Russ Berrie and Co. Inc. closed on two senior secured credit facilities totaling $115 million, according to a company news release.

LaSalle Business Credit LLC acted as the lead bank on the deals.

The company's Kids Line and Sassy subsidiaries entered into a $95 million five year senior secured credit facility, consisting of a $60 million term loan and a $35 million revolver. Proceeds were used to repay in full all amounts outstanding under the existing credit facility.

Russ Berrie U.S. Gift Inc., a new subsidiary formed that will now operate substantially all of the company's domestic gift business, entered into a $20 million senior secured revolver that will be used for working capital requirements and general corporate purposes.

Russ Berrie is an Oakland, N.J.-based designer, developer and distributor of a variety of innovative gift, infant and juvenile products to specialty and mass market retailers.

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