American Achievement to sell $365 million six-year secured notes

By Paul A. Harris

St. Louis, Oct. 18 - American Achievement Corp. announced in a Monday press release that it intends to make a $365 million offering of six-year senior secured notes.

Goldman Sachs & Co. will lead the Rule 144A offering, according to a market source, who added that the deal is expected to price following an investor roadshow.

Timing for that roadshow remains to be determined.

Proceeds, along with proceeds from a new revolver and from preferred stock to be issued by the company's indirect parent, American Achievement Group Holding Corp., will be used to repay American Achievement's existing senior secured credit facility, as well as to refinance its 8¼% senior subordinated notes due April 1, 2012, AAC Group Holding Corp.'s 10¼% senior discount notes due Oct. 1, 2012 and American Achievement Group Holding's 12¾% senior PIK notes due Oct. 1, 2012.

Proceeds will also be used to redeem or repurchase all American Achievement Intermediate Holding Corp. series A preferred stock and American Achievement Group Holding's preferred stock.

American Achievement is an Austin Texas-based provider of class rings, yearbooks, graduation products and affinity jewelry.

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