Weiss Family acquires American Greetings for $878 million
Client(s) Weiss Family
Jones Day advised the Weiss Family in its take private of American Greetings Corporation for approximately $878 million, including assumption of company's 7 3/8% Notes due 2021, which will remain outstanding after the transaction, the repayment of borrowings under the company's revolving credit facility, and the settlement of stock options not held by the Weiss Family. Jones Day also advised the Weiss Family in the concurrent $600 million credit agreement. The credit agreement consisted of a $350 million term loan facility and a $250 million revolving credit facility, with the option to increase commitments under the facilities up to an aggregate amount of $150 million.
In addition to M&A representation, Jones Day provided private equity, banking, capital markets, and employee benefits advice regarding this transaction.