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Cleveland, Ohio, March 20, 2019 (GLOBE NEWSWIRE) -- American Greetings Corporation (“American Greetings” or the “Company”) today announced the expiration and results of its previously announced tender offer (the “Tender Offer”) for any and all of its 7.875% Senior Notes due 2025 (the “Notes”) set forth in the Company’s Offer to Purchase and Consent Solicitation Statement (the “Offer to Purchase”) and the related Consent and Letter of Transmittal (the “Letter of Transmittal”), each dated February 20, 2019. The Tender Offer expired at 12:00 a.m., New York City time, on March 19, 2019. As of the expiration, $16,920,000 aggregate principal amount of the Notes, which includes $15,420,000 aggregate principal amount of Notes tendered prior to the Consent Time (as defined in the Offer to Purchase) and previously accepted for purchase, had been validly tendered and not withdrawn in the Tender Offer, representing 96.5% of such Notes previously outstanding. The Company expects to accept all of the tendered Notes for purchase and make payment on March 20, 2019.
Holders are urged to read the Offer to Purchase and the Letter of Transmittal carefully. Acceptance of the tendered Notes in the Tender Offer is subject to certain conditions as described in the Offer to Purchase and the Letter of Transmittal.
The Huntington National Bank served as the Information and Tender Agent in connection with the Tender Offer, and can be contacted at (614) 331-8698, or email at email@example.com.
This announcement is not an offer to purchase, a solicitation of an offer to purchase, or a solicitation of an offer to sell securities with respect to the Notes. The Tender Offer was made only pursuant to the Offer to Purchase and the related Letter of Transmittal.
About the Company
As the leader in meaningful connections, American Greetings is committed to making the world a more thoughtful and caring place. Founded in 1906, the creator and manufacturer of innovative social expression products offers paper cards, digital greetings, gift wrap, party goods and more to help consumers honor the people and moments in life that really matter. The Company's major greeting card brands are American Greetings, Papyrus, Recycled Paper Greetings and Carlton Cards. AmericanGreetings.com lets consumers shop and buy paper cards, ecards, printables, party supplies and gift wrap—along with providing useful content that educates and inspires visitors to connect more meaningfully. The 113 year-old Company is headquartered in Cleveland, Ohio, and its products can be found in retail outlets worldwide. For more information, please visit www.americangreetings.com/corporate.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain information that includes or is based upon forward-looking statements. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “potential,” and “will,” and other words and terms of similar meaning, or are tied to future periods, in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.
Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of the Company, its subsidiaries and affiliates. These statements are based on current expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified herein, including, without limitation, that our cost-savings initiatives may not be successful, that the Company will not be able to spread risk as broadly as anticipated, that the Company will not be able to generate cash flow and earnings as anticipated and that the Company may not continue its track record of success. The Company does not undertake any obligation to publicly correct or update any forward-looking statement if the Company later becomes aware that such statement is not likely to be achieved.
Ethan Spencer - Treasurer American Greetings (216) 252-4864 firstname.lastname@example.org