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.
