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ACCO Brands adds €300 million of term loans, $400 million revolver
By Tali Rackner
Norfolk, Va., Oct. 24 – ACCO Brands Corp. entered into a third amendment to its second amended and restated credit agreement on Friday with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
The restated agreement will provide for a five-year senior secured credit facility that will make available €300 million of term loans and establish a new $400 million revolving credit facility, thereby increasing the existing revolver by $100 million.
The restatement will also provide funds to fully repay outstanding dollar-denominated term loans under the existing credit agreement, provide funds to partially repay Australian dollar-denominated term loans under the existing agreement and continue loans in an aggregate principal amount of A$80 million.
Proceeds from the euro-denominated term loans will be applied toward financing the company’s roughly €296.9 million acquisition of Esselte Group Holdings AB and related costs.
The applicable interest rates will be substantially the same as under the existing credit agreement, and the company will be required to meet the same financial covenants as in effect under the existing agreement.
Bank of America Merrill Lynch, Wells Fargo Bank, NA, Barclays, Compass Bank, BMO Capital Markets Corp. and PNC Bank, Na are joint lead arrangers and bookrunners on the deal. Wells Fargo is the syndication agent, and Barclays, Compass Bank and Bank of Montreal are co-documentation agents.
ACCO Brands is a Lake Zurich, Ill.-based office supply manufacturer.
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