CSS Industries, a consumer products company serving the craft, gift and seasonal markets, entered into a new $125 million asset-based senior secured credit facility with JPMorgan Chase Bank acting as administrative agent. Bank of America and KeyBank also participated in the facility.
The ABL facility also included a $25 million borrowing availability expansion feature.
Proceeds from the facility will be used to refinance the company’s existing indebtedness, as well as fund working capital needs and other general corporate purposes. The new credit facility will expire in March 2024. It replaces the company’s prior credit facility, which was scheduled to expire in March 2020.
