By Paul A. Harris
St. Louis, March 31 - Visant Holding Corp. (Jostens Holding) priced a $350 million issue of 8¾% senior notes due Dec. 1, 2013 (Caa2/expected B-) at 96.005 to yield 9½% on Friday, according to informed sources.
The yield that was printed came on the wide end of the 9 3/8% area price talk.
The issue generated $336 million of proceeds.
Lehman Brothers and Banc of America Securities LLC were joint bookrunners for the Rule 144A with registration rights notes offering.
Proceeds will be used to fund a dividend to stockholders, with the remaining proceeds, if any, to be used for general corporate purposes.
The prospective issuer is an Armonk, N.Y., holding company servicing the school affinity, direct marketing, fragrance and cosmetic sampling and educational publishing markets.
| Issuer: | Visant Holding Corp. (Jostens Holding)
|
| Face amount: | $350 million
|
| Proceeds: | $336 million
|
| Maturity: | Dec. 1, 2013
|
| Security description: | Senior notes
|
| Bookrunners: | Lehman Brothers, Banc of America Securities LLC
|
| Coupon: | 8¾%
|
| Price: | 96.005
|
| Yield: | 9½%
|
| Spread: | 464 basis points
|
| Call features: | Make-whole call at Treasuries plus 50 basis points until Dec. 1, 2008 then callable at 106.563, 104.375, 102.188, par on and after Dec. 1, 2011
|
| Equity clawback: | Until Dec. 1, 2008 for 35% at 108.750
|
| Trade date: | March 31
|
| Settlement date: | April 4
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: Expected B-
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 9 3/8% area
|
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