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ACCO Brands plans full $246.32 million redemption of 7 5/8% notes
By Ashley Montgomery
Kansas City, Kan., April 5 - ACCO Brands Corp. intends to redeem all $246,319,000 of its 7 5/8% senior subordinated notes due 2015, according to a notice.
The company intends to redeem the notes on May 4 at 102.542 plus accrued interest to the redemption date.
The redemption is subject to the company's completed acquisition of the consumer and office products business of MeadWestvaco Corp., the company having borrowed at least $770 million of senior secured term loans under its credit agreement and Monaco SpinCo Inc.'s issuance of senior notes.
Monaco SpinCo will be a subsidiary of ACCO Brands following the acquisition of the MeadWestvaco business.
If the Monaco SpinCo notes condition is not met, the company will redeem only $96 million of the 7 5/8% notes.
U.S. Bank, NA is the agent.
ACCO Brands is a Lincolnshire, Ill.-based office supply manufacturer.
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