ACCO Brands Corporation completes re-financing transaction and merger with MeadWestvaco Corporation's consumer & office products business

Date Closed: 3/26/2012

Value: C$433 million

On March 26, 2012, ACCO Brands Corporation (ACCO Brands) entered into a new US$1.02 billion credit facility with a group of lenders agented by Barclays Bank PLC. On May 1, 2012, ACCO Brands completed a merger with MeadWestvaco Corporation's (MWV) Consumer & Office Products business. The transaction brings popular brands such as Mead®, Five Star®, Trapper Keeper®, AT-A-GLANCE®, Cambridge®, Day Runner®, Hilroy®, Tilibra® and Grafon's™ into ACCO Brands' industry-leading product portfolio.

ACCO Brands is a world leader in branded office products.

The separation and acquisition of the Consumer & Office Products business from MWV was structured as a "Reverse Morris Trust" transaction in the U.S.  MWV established a new subsidiary to which it conveyed the C&OP business in return for U.S. $433 million on a tax-free basis. The shares of the new subsidiary were then distributed to MWV's shareholders as a stock distribution dividend.  Immediately after the spin-off and distribution, the newly formed company merged with and into a subsidiary of ACCO Brands and MWV shareholders received one share of ACCO Brands common stock for every three shares of stock they received in the stock dividend distribution. The merged company subsequently merged with Mead Products LLC, the surviving corporate entity, a subsidiary of ACCO Brands.  

BLG acted as Canadian counsel to ACCO Brands and its Canadian subsidiaries with a team that included Alfred Page, Howard Silverman, Shane Pearlman, Tiffany Murray, Jenna Grant and Bekhzod Abdurazzakov.