CSS Industries Announces New $125 Million Asset-Based Credit Facility

PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)--CSS Industries, Inc. (NYSE: CSS), a leading consumer products company serving the craft, gift and seasonal markets, today announced that it has entered into a new $125 million asset-based senior secured credit facility (the “ABL Facility”) with JPMorgan Chase Bank, N.A., acting as the administrative agent, Bank of America, N.A., and KeyBank, National Association. The ABL Facility also includes a $25 million borrowing availability expansion feature. Proceeds from the ABL 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, which expires in March 2024, replaces the Company’s prior credit facility, which was scheduled to expire in March 2020.