New Issue: Visant prices $750 million seven-year notes at par to yield 10%

By Paul A. Harris

St. Louis, Sept. 17 - Visant Corp. priced a $750 million issue of seven-year senior notes (Caa1/B-/) at par to yield 10% on Friday, according to an informed source.

The yield printed at the tight end of the 10% to 10¼% price talk.

Goldman Sachs & Co. was the left lead bookrunner. Credit Suisse Securities, Bank of America Merrill Lynch, Barclays Capital Inc., Deutsche Bank Securities Inc. and KKR Capital Markets were the joint bookrunners.

Proceeds will be used to help fund the tender offers for Visant's 10¼% senior discount notes due 2013, its 8¾% senior notes due 2013 and its 7 5/8% senior subordinated notes due 2012 and to repay bank debt.

Visant is an Armonk, N.Y.-based marketing and publishing services enterprise.

Issuer:	Visant Corp.
Amount:	$750 million
Maturity:	Oct. 1, 2017
Securities:	Senior notes
Left bookrunner:	Goldman Sachs & Co.
Joint bookrunners:	Credit Suisse, Bank of America Merrill Lynch, Barclays Capital Inc., Deutsche Bank Securities Inc., KKR Capital Markets
Coupon:	10%
Price:	Par
Yield:	10%
Spread:	788 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Oct. 1, 2013, then callable at 107.50, 105.0, 102.50, par on and after Oct. 1, 2016
Equity clawback:	35% at 110.0 until Oct. 1, 2013
Trade date:	Sept. 17
Settlement date:	Sept. 22
Ratings:	Moody's: Caa1
	Standard & Poor's: B-
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	10% to 10¼%
Marketing:	Roadshow

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