ACCO amends loan, revising EBITDA definition

By Sara Rosenberg

New York, Jan. 22 - ACCO Brands Corp. amended its credit facility, changing the definition of EBITDA to exclude an additional $85 million of restructuring expenses through 2010, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

In addition, the amendment allows for the sale of the company's Commercial Laminating Solutions Group and permits the use of excess proceeds from the sale for purposes other then debt repayment.

Furthermore, the amendment consolidates the allowance for permitted business acquisitions to $100 million in a single year from two separate $50 million limitations.

The amendment was completed on Jan. 18.

Citicorp is the administrative agent on the deal.

ACCO is a Lincolnshire, Ill.-based designer, developer, manufacturer and marketer of branded office products.

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