American Achievement plans bonds and/or loans for notes tender offer

By Sara Rosenberg

New York, May 11 - American Achievement Group Holding Corp. may get new notes and/or a credit facility to fund a cash tender offer for existing notes, according to an 8-K filed with the Securities and Exchange Commission on Monday.

The company plans on getting proceeds of at least $400 million from the new debt financing.

Existing notes that are being tendered for include the company's 12.75% senior PIK notes due 2012, AAC Group Holding Corp.'s 10.25% senior discount notes due October 2012 and American Achievement Corp.'s 8.25% senior subordinated notes due April 2012.

The tender offer will expire on June 8.

Other funding for the tender will come from cash on hand.

American Achievement is an Austin, Texas-based manufacturer and supplier of yearbooks, graduation products, class rings, achievement publications and recognition and affinity jewelry.

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