PNC Agents Amendment of American Greetings Revolver
American Greetings Corporation announced that it has amended its revolving credit facility. PNC Bank is the global agent, Bank of America and JPMorgan Chase Bank are co-syndication agents, and KeyBank and the Bank of Nova Scotia are co-documentation agents.
The amendment extends the term of the agreement from June 2015 to January 2017, increases the amount that can be borrowed under the credit facility from $350 million to $400 million, reduces the commitment fee due on undrawn borrowings, and lowers the margins paid on borrowings. The credit facility had no borrowings at the closing of the amendment.
CFO Stephen Smith said, “We are very pleased to have extended the maturity of our credit facility. As a result of our already strong balance sheet and good market conditions, we were also able to significantly reduce pricing. We appreciate the support of our lenders through this process. We believe this transaction will provide us with the right level of financial flexibility to manage our business going forward.”
For more than 100 years, American Greetings Corporation has been a creator and manufacturer of social expression products.