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American Greetings completes $400 million Rule 144A and Regulation S offering

February 2017

Client(s) American Greetings Corporation

Jones Day represented American Greetings Corporation, a leading designer, manufacturer, and distributor of social expressions products, in connection with its issuance of $400 million of 7.875% Senior Notes due 2025 in a Rule 144A and Regulation S offering. The Company intends to use the net proceeds from this offering, together with cash on hand and borrowings under its new senior secured credit agreement, to fund a distribution to its parent company to repurchase the latter's outstanding 9.750%/10.500% Senior PIK Toggle Notes due 2019, to repurchase its outstanding 7.375% Senior Notes due 2021, and pay related costs.

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