Loans and Notes Payable

9 Months Ended

Sep. 30, 2011

Loans and Notes Payable [Abstract]

Loans and Notes Payable

Note 5 — Loans and Notes Payable

     On September 12, 2011, the Company entered into an agreement with Wells Fargo Bank, National Association (“Wells Fargo), under which Wells Fargo agreed to increase its commitment by $25,000, under the terms of the Company’s asset based revolving credit facility dated August 13, 2010, as amended (the “ABL Credit Agreement”). The increase results in an aggregate commitment for extensions of credit under the ABL Credit Agreement of $350,000.

     In connection with the acquisitions of the Christy’s Group, Riethmüller and Party Packagers, during the nine months ended September 30, 2011, the Company entered into several foreign asset-based and overdraft credit facilities that provide the Company with GBP19,000, CDN4,000, EUR1,800 and MYR5,000 of borrowing capacity. At September 30, 2011, borrowings under the foreign facilities totaled $12,808. Borrowings under the foreign facilities generally bear interest at prime plus margins ranging from 1% to 1.75%. The facilities contain customary affirmative and negative covenants. In connection with one of the facilities, the Company maintains a compensating cash balance of $4,266 to secure outstanding standby letters of credit. The compensating cash balance is included in prepaid expenses and other current assets.