Russ Berrie Amends Credit Facility
By Staff -- Gifts and Dec, 3/24/2009 7:23:00 AM
Oakland, NJ — Infant and juvenile vendor Russ Berrie and Company Inc. amended its existing credit facility. The changes increased the company’s allowed debt ratios and eliminated restrictions on the infant and juvenile business to fund corporate overhead. (The company used to fund overhead from its gift segment, which was recently sold). The amendment also increased interest rate margins and reduced the total amount that can be borrowed to $130 million from $175 million. (As of March 20 the total debt outstanding under this facility was approximately $104.4 million.)
Russ Berrie became a guarantor of the facility. The company’s bank group, which is led by Banc of America Securities LLC and includes a syndicate of seven additional lenders, received a lien on essentially all of the parent company's assets, subject to specified exceptions.
Bruce Crain, president and CEO of Russ Berrie, said in a statement, "We were pleased to complete this amendment in light of the difficult global macroeconomic environment and tight credit markets.”
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