Nine Banks Face Losses on American Greetings Buyout Debt

According to a Reuters report, nine banks are facing losses on loan and bond financing backing the buyout by a private equity firm of American Greetings.

Bickers Named Head of Citizens Business Capital Team

Citizens Bank tapped Patrick Bickers to lead its Business Capital team.

JPMorgan Agents GNC Nutrition Refi

GNC Nutrition Centers extended the maturity date of its term loans, cancelled its existing revolving credit facility and entered into a new $100 million ABL revolver. A portion of the extended term loans were exchanged for ABL FILO term loans which, together with certain other newly funded ABL FILO term loans, equal $275 million in aggregate principal amount.

BofA Agents Cleveland-Cliffs ABL Facility Downsize

Cleveland-Cliffs amended its senior secured asset-based lending credit facility, extending the maturity date and reducing the oversize from $550 million to $450 million. Bank of America was administrative agent and lead arranger for the transaction.

BofA Supports Penn National Gaming Pinnacle Buy

Penn National Gaming amended its credit facility to support its upcoming acquisition of the outstanding equity interest in Pinnacle Entertainment. Bank of America served as administrative agent for the transaction.

Goldman Sachs, Others Support GTT Interoute Acquisition

GTT Communications agreed to acquire Interoute for approximately €1.9 billion ($2.3 billion) in cash. Goldman Sachs, Credit Suisse and SunTrust Bank, among others, will provide debt financing for the transaction.

Barclays, Deutsche Others Support CD&R American Greetings Buy

Clayton, Dubilier & Rice managed funds are acquiring a 60% ownership stake in American Greetings. The Weiss Family, descendants of Jacob Sapirstein, who founded the company in 1906, will retain a 40% stake in the business. Terms of the transaction were not disclosed.

Wells Fargo Agents $250MM Facility for Wingstop

Wingstop closed a new $250 million senior secured credit facility with Wells Fargo Bank as administrative agent as part of the company’s recapitalization.

Economic Optimism Fuels 2018 Middle Market M&A Scene

Interest among middle market companies in both buying and selling has increased significantly in the past year, according to the seventh annual Citizens Commercial Banking Middle Market M&A Outlook.

BofA Agents WEX Term Loan Repricing

WEX repriced its secured term loans under its existing credit facility. Bank of America acted as administrative agent, joint lead arranger and joint bookrunner.