American Greetings Completes Acquisition Of Recycled Paper Greetings

摘要

American Greetings Corporation reported that it has completed its acquisition of Chicago, Illinois based Recycled Paper Greetings, Inc. (RPG). RPG is a creator and designer of humorous and alternative greeting cards with annual net sales of approximately $75 million. RPG's cards are distributed primarily through mass retail partners, drug stores, and specialty retail stores. RPG was purchased pursuant to a pre-packaged Chapter 11 bankruptcy reorganization. Consideration for the acquisition included the issuance of approximately $54.7 million of new American Greetings 7.375 percent notes due 2016 and approximately $18 million of cash.This consideration was in addition to the $44.2 million investment previously made by American Greetings in July 2008.