CLEVELAND, June 16 /PRNewswire/ -- American Greetings Corporation (NYSE: AM ) today announced that it has successfully amended and restated its existing $350 million revolving credit facility. The amended and restated credit facility will continue to permit borrowings up to $350 million and will mature June 11, 2015. The credit facility had no borrowings at the closing of the refinancing. American Greetings has also repaid the entire principle balance outstanding under its $99 million term loan. The Company used cash on hand to fund the repayment. Chief Financial Officer Stephen Smith said, "We are very pleased to have refinanced our credit facility despite the recent erratic market conditions. Our Treasurer, Greg Steinberg, orchestrated a thoughtful process that wisely extended the term to 2015, retained important components from our prior facility and jettisoned components that were no longer applicable.