Matthews lifts revolver to $900 million, uses proceeds to buy Schawk

By Marisa Wong

Madison, Wis., Aug. 1 – Matthews International Corp. entered into a first amendment and a second amendment on July 29 to its first amended and restated loan agreement dated July 18, 2013 with Citizens Bank of Pennsylvania as administrative agent and PNC Bank, NA as syndication agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendments, among other things, increase the revolving credit facility to $900 million from $500 million and increase the amount of additional revolving commitments Matthew may request to $650 million from $200 million.

On July 29, Matthews drew about $395 million under the amended loan facility to finance the cash consideration for its acquisition of Schawk, Inc.

Matthews is a Pittsburgh-based designer, manufacturer and marketer of memorialization products and brand services. Schawk is a brand development company based in Des Plaines, Ill.

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