Daily News: April 6, 2018

Nine Banks Face Losses on American Greetings Buyout Debt

According to Reuters, nine banks, including Citizens Bank, ING and Bank of America Merrill Lynch, among others, are facing losses on a fully underwritten loan and bond financing backing the buyout by a private equity firm of greeting card company American Greetings.

Reuters reported, citing sources, the deal – which includes a term loan, an unsecured bond and a five-year revolver – would be used to purchase a 60% stake in American Greetings by the private equity firm.