Company Overview of Party City Holdings Inc.
Party City Holdings Inc., through its subsidiaries, designs, manufactures, contracts for manufacture, and distributes party goods. It offers a selection of decorated party goods with approximately 40,000 SKUs that range from paper and plastic tableware, decorations, and metallic and latex balloons, novelties, accessories, costumes, stationery, and gifts for everyday, themed, and seasonal events. The company also distributes its products to company-owned and franchised retail stores, other party goods retailers, dollar stores, mass merchants, independent card and gift stores, and other retailers and distributors. In addition, it operates specialty retail supply stores in the United States and...
80 Grasslands Road
Elmsford, NY 10523
Founded in 1947
Key Executives for Party City Holdings Inc.
Executive Chairman and Director
Chief Financial Officer and Principal Accounting Officer
President of Party City Retail Group
Director of Internal Audit
Compensation as of Fiscal Year 2014.
Party City Holdings Inc. Key Developments
Party City Holdings Inc. and Party City Corporation Announces Second Amendment to Term Loan Credit Agreement
Feb 28 14
Party City Holdings Inc. and Party City Corporation modified the Borrowers' Term Loan Credit Agreement by entering into the Second Amendment to Term Loan Credit Agreement, which amends the Term Loan Credit Agreement, dated as of July 27, 2012 by and among the Borrowers, PC Intermediate Holdings Inc. Deutsche Bank Trust Company Americas, as administrative agent, the various lenders party thereto and the other agents. The Second Amendment replaces loans outstanding under the Credit Agreement immediately prior to the Second Amendment Effective Date with a new class of term loans in an aggregate principal amount of $1,111 million. The Amended Credit Agreement provides for a reduction in the applicable margins of all term loans. The applicable margin for ABR borrowings was lowered from 2.25% to 2.00%, and the applicable margin for LIBOR borrowings was lowered from 3.25% to 3.00%. The Amended Credit Agreement provides for two pricing options are an ABR for any day, a rate per annum equal to the greater of Deutsche Bank's prime rate in effect on such day, the federal funds effective rate in effect on such day plus 0.5%, the adjusted LIBOR rate plus 1% and 2.00% or the LIBOR rate, adjusted for certain additional costs, with a LIBOR floor of 1.00%, in each case plus the applicable margin. The Amended Credit Agreement provides for a soft call option, whereby the Borrowers will pay a 1.00% premium on the outstanding principal amount of New Term Loans prepaid, refinanced, substituted or otherwise replaced, or the terms of which are amended, in connection with certain repricing transactions occurring on or prior to the date that is six months after the Second Amendment Effective Date. Otherwise, the term loans may be voluntarily prepaid at any time without premium or penalty, other than customary breakage costs with respect to loans based on the LIBOR rate. Except for those terms described herein, the other terms of Credit Agreement, as amended, have not changed materially, including the maturity date, installment payments, guarantees and pledges of security, affirmative and negative covenants, and events of default.
Party City Holdings Inc. Announces Management Appointments
Jan 15 14
On January 10, 2014, Party City Holdings Inc. appointed James M. Harrison as its Chief Executive Officer, effective January 13, 2014. Harrison will continue to serve as President of the company. Harrison has served as the company’s President since December 1997. From March 2002 to July 2012, Harrison also served as the company’s Chief Operating Officer. From February 1997 to March 2002, Harrison served as the company’s Chief Financial Officer and Treasurer. In addition, Harrison currently serves as a director of the company. In connection with Harrison’s appointment as Chief Executive Officer, the company appointed Gerald C. Rittenberg, who previously served as the company’s Chief Executive Officer, as its Executive Chairman, effective January 13, 2014.
Party City Holdings Inc. Appoints Lawrence P. Molloy as Board of Director
Dec 6 13
The board of directors of Party City Holdings Inc. increased the size of the board from eight to nine directors and appointed Lawrence P. Molloy to the board. Mr. Molloy also will serve as chairman of the audit committee. Mr. Molloy will serve for a one-year term, renewable in accordance with Party City's charter and by-laws. Mr. Molloy was the Chief Financial Officer of PetSmart Inc. from September 2007 to June 2013.
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