ACCO Brands completed the acquisition of Esselte Group Holdings. The combination improves ACCO Brands’ scale and enhances its position in Europe.

“We are excited to add Esselte, its talented employees and its portfolio of products and brands to the ACCO Brands family,” said Boris Elisman, chairman, president and CEO of ACCO Brands. “This transaction, together with the Pelikan Artline acquisition completed in May 2016, is expected to deliver approximately $31 million of annual synergies by the third anniversary of the Esselte closing.”

According to a related 8-K filing, Bank of America served as administrative agent for an amended credit facility to support the multi-currency transaction. The credit agreement provides for a five-year senior secured credit facility, which consists of a €300 million ($324 million) euro denominated term loan facility and an AUD$80 million ($64 million) Australian dollar denominated term loan facility together with the euro term loan A, and a $400 million multi-currency revolving credit facility.

At closing, additional borrowings under the revolving facility of $91.3 million were applied toward, among other things, the repayment of all outstanding U.S. dollar denominated term loans under the prior credit agreement, the repayment of a portion of the Australian dollar denominated term loans under the prior credit agreement and the payment of related financing fees and expenses. Immediately following the effective date, approximately $156.7 million was available for borrowing under the revolving facility.

ACCO Brands Corporation is a g;lobal designer, marketer and manufacturer of branded business, academic and consumer products, including Artline, AT-A-GLANCE, Derwent, Esselte and Five Star.