CSS Industries, Inc. Announces Renewal of Revolving Credit Facility
March 24 2015 - 4:23PM
Business Wire
CSS Industries, Inc. (NYSE:CSS) announced today the renewal to
its revolving credit facility with Wells Fargo Bank, National
Association (“Wells Fargo”) and Citizens Bank of Pennsylvania. With
the renewal, the facility's expiration date has been extended from
March 17, 2016 to March 16, 2020. Borrowing availability under the
revolving credit facility will continue to fluctuate from a low of
$50,000,000 during times when the Company historically has
seasonally lower working capital to a maximum level of $150,000,000
during the Company’s historical peak seasonal working capital
periods. The revolving credit facility was structured and arranged
by Wells Fargo.
CSS is a consumer products company primarily engaged in the
design, manufacture, procurement, distribution and sale of all
occasion and seasonal social expression products, principally to
mass market retailers. These all occasion and seasonal products
include decorative ribbons and bows, boxed greeting cards, gift
tags, gift wrap, gift bags, gift boxes, gift card holders,
decorative tissue paper, decorations, classroom exchange
Valentines, floral accessories, Easter egg dyes and novelties,
craft and educational products, stickers, memory books, stationery,
journals, note cards, infant and wedding photo albums, scrapbooks,
and other gift items that commemorate life’s celebrations.
This press release includes “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are based on the beliefs of the
Company’s management as well as assumptions made by and information
currently available to the Company’s management as to future events
and financial performance with respect to the Company’s operations.
Forward-looking statements speak only as of the date made. The
Company undertakes no obligation to update any forward-looking
statements to reflect the events or circumstances arising after the
date as of which they were made. Actual events or results may
differ materially from those discussed in forward-looking
statements as a result of various factors, including without
limitation, general market and economic conditions; increased
competition (including competition from foreign products which may
be imported at less than fair value and from foreign products which
may benefit from foreign governmental subsidies); increased
operating costs, including labor-related and energy costs and costs
relating to the imposition or retrospective application of duties
on imported products; currency risks and other risks associated
with international markets; risks associated with acquisitions,
including acquisition integration costs and the risk that the
Company may not be able to integrate and derive the expected
benefits from such acquisitions; the risk that customers may become
insolvent, may delay payments or may impose deductions or penalties
on amounts owed to the Company; costs of compliance with
governmental regulations and government investigations; liability
associated with non-compliance with governmental regulations,
including regulations pertaining to the environment, Federal and
state employment laws, and import and export controls and customs
laws; and other factors described more fully in the Company’s
annual report on Form 10-K for the fiscal year ended March 31, 2014
and elsewhere in the Company’s filings with the Securities and
Exchange Commission. As a result of these factors, readers are
cautioned not to place undue reliance on any forward-looking
statements included herein or that may be made elsewhere from time
to time by, or on behalf of, the Company.
CSS Industries, Inc.Vincent A. PaccapanicciaChief Financial
Officer215-569-9900
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