American Achievement extends deadlines for tender offer to June 22

By Susanna Moon

Chicago, June 4 - American Achievement Group Holding Corp. said it is again extending the early tender deadline for three series of notes, this time to 11:59 p.m. ET on June 22 from midnight ET on June 8.

The tender offer will also end at 11:59 p.m. ET on June 22, extended from midnight ET on June 8. It began on May 10. The early tender deadline was originally set for 5 p.m. ET on May 24.

The company is tendering for any and all of the following:

• Its $52,562,667 of 12¾% senior pay-in-kind notes due Oct. 1, 2012;

• AAC Group Holding Corp.'s $131.5 million of 10¼% senior discount notes due October 2012; and

• Subsidiary American Achievement Corp.'s $150 million of 8¼% senior subordinated notes due April 2012.

As of 5 p.m. ET on June 3, investors had tendered the following:

• $28,789,815 principal amount, or 54.77%, of the 12¾% notes;

• $130,970,000 principal amount, or 99.6%, of 10¼% notes; and

• $144,755,000 principal amount, or 96.5%, of the 8¼% notes.

For each $1,000 principal amount, holders will receive $1,063.75 for the 12¾% notes, $1,028.13 for the 10¼% notes and $1,001.25 for the 8¼% notes, each including a $50.00 early tender premium.

Holders will also receive accrued interest.

As of 5 p.m. ET on May 24, investors had tendered $28.8 million, or 54.77%, of the 12¾% notes; $130.97 million, or 99.6%, of the 10¼% notes; and $144.76 million, or 96.5%, of the 8¼% notes.

The companies plan to fund the offer using a combination of the proceeds of an at least $400 million debt financing by American Achievement Corp. and cash on hand.

Goldman Sachs & Co. (800 828-3182) is the dealer manager. The information agent is Global Bondholder Services Corp. (866 470-4300 or call collect 212 430-3774).

American Achievement is a scholastic products company based in Austin, Texas.

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