Visant plans $310 million of new debt for American Achievement buy

By Sara Rosenberg

New York, Nov. 19 - Visant Corp. plans on getting up to $310 million of secured and unsecured borrowings to help fund its acquisition of American Achievement Group Holding Corp., according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Credit Suisse Securities (USA) LLC is the lead arranger and bookrunner for the debt financing. KKR Capital Markets LLC assisted in the financing.

Other funds for the transaction will come from revolver borrowings and cash on hand.

Under the agreement, Visant's subsidiary, Jostens Inc., will buy American Achievement for $486 million, including the repayment of about $385 million of debt.

Closing is expected no later than the second quarter of 2014, subject to customary conditions and regulatory review.

Visant is an Armonk, N.Y.-based marketing and publishing company. Jostens is a Minneapolis-based yearbook and scholastic affinity company. American Achievement is an Austin, Texas-based provider of commemorative jewelry and recognition products such as class rings, yearbooks, letter jackets and other jewelry, including military and family products.

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