CSS gets $110 million amended and restated revolver

By Sara Rosenberg

New York, Nov. 26 - CSS Industries Inc. closed on a $110 million three-year amended and restated revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

PNC acted as the lead arranger and administrative agent on the deal that was completed on Nov. 21, with RBS the co-lead arranger.

Initial pricing on the revolver is Libor plus 125 basis points, but pricing can be as high as Libor plus 175 bps based on leverage.

Financial covenants include a fixed-charge coverage ratio, a leverage ratio and consolidated capital expenditures.

The facility replaces the company's previous $50 million revolver and borrowings can be used for working capital needs and general corporate purposes.

CSS is a Philadelphia-based consumer products company.

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