Amscan launches $675 million term loan at Libor plus 450-475 bps

By Sara Rosenberg

New York, Nov. 15 - Amscan Holdings Inc. launched a $675 million seven-year senior secured covenant-light term loan on Monday with price talk of Libor plus 450 basis points to 475 bps with a 1.5% Libor floor and an original issue discount of 99, according to a market source.

Credit Suisse and Goldman Sachs are the joint lead arrangers on the deal, and they are bookrunners with Wells Fargo, Deutsche Bank and Barclays.

Proceeds will be used to refinance an existing senior secured term loan due in 2013 and to fund a cash dividend of about $310 million.

In addition, the company will seek an amendment to its existing senior secured revolving credit facility to allow for the new loan.

Amscan is an Elmsford, N.Y.-based designer, manufacturer and distributor of decorated party goods and party accessories.

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