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American Greetings talks $375 million eight-year notes at 8¼%-8½%
By Paul A. Harris
Portland, Ore., Feb. 1 – American Greetings Corp. talked its $375 million of eight-year notes (Ba3/BB-) to yield 8¼% to 8½%, according to a market source, who added that the deal is expected to price before the end of the week.
Official talk comes on top of initial guidance.
BofA Merrill Lynch, KeyBanc Capital Markets, PNC Capital Markets, Citizens Bank, Wells Fargo Securities LLC, J.P. Morgan Securities LLC and BBVA are managing the sale.
The notes come with three years of call protection.
Proceeds will be used to fund tender offers for the American Greetings 7 3/8% senior notes due 2021 and the Century Intermediate Holding Co. 9¾%/10½% senior PIK toggle notes due 2019.
American Greetings is a Cleveland-based creator and manufacturer of innovative social expression products.
Century Intermediate Holding is the indirect parent holding company of American Greetings.
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