ACCO Brands plans new $175 million asset-based revolving facility

By Sara Rosenberg

New York, Sept. 14 - ACCO Brands Corp. is planning to get a new $175 million asset-based revolving credit facility, according to an informed source.

Proceeds from the revolver, along with $425 million of senior secured notes, will be used to repay all borrowings outstanding under the company's existing credit and securitization facilities.

As of June 30, the company had $724.5 million in outstanding debt, and after giving pro forma effect to the anticipated refinancing transactions, the company's debt outstanding as of June 30 would have been about $778.5 million.

In addition, after giving pro forma effect to the refinancing, the company expects its interest expense to increase due to anticipated higher levels of debt and an increase in the weighted average interest rate on that debt.

ACCO is a Lincolnshire, Ill.-based provider of traditional and computer-related office products and supplies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.