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American Achievement gets needed consents for 12¾% notes
By Susanna Moon
Chicago, Aug. 8 - American Achievement Corp. said it received consents from a majority of holders of its 12¾% senior pay-in-kind notes due 2012.
The consent solicitation ended at 5 p.m. ET on Aug. 8.
As a result, the company entered into a supplemental indenture on Aug. 8.
Amendments to the note indenture consist of:
• A requirement that upon consummation of the stock purchase agreement American Achievement will redeem all of its outstanding notes at a redemption price in cash equal to 101% plus accrued interest, if any, to but not including the completion date; and
• The removal of substantially all of the restrictive and reporting covenants, as well as certain events of default and related provisions, including without limitation, the covenant that would otherwise require the company to make an offer to purchase the notes upon completion of the transaction.
Under a previously announced stock purchase agreement, American Achievement and its stockholders have agreed to sell all their shares to Herff Jones Inc.
American Achievement is an Austin, Texas-based provider of products used to mark special occasions, such as yearbooks and class rings.
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