Herff Jones revises $735 million credit facility targeted launch date to Oct. 7

By Sara Rosenberg

New York, Sept. 23 - Herff Jones is now looking at Oct. 7 as the date to launch its proposed $735 million senior secured credit facility (Ba3/BB+), although, as before, timing is still fluid, according to a market source.

Most recently, the hope was to launch the deal on Sept. 30, but that date was revised as a result of scheduling conflicts and the Rosh Hashanah holiday.

The deal was originally set to launch on Sept. 16, but it was delayed as a result of the volatility in the market when Bank of America revealed it was purchasing Merrill Lynch and Lehman Brothers filed for bankruptcy.

The facility consists of a $100 million five-year revolver talked at Libor plus 325 basis points, a $210 million five-year term loan A talked at Libor plus 325 bps and a $425 million seven-year term loan B talked in the Libor plus 350 bps to 375 bps area.

All tranches have a 3% Libor floor.

The revolver and the term loan A were already launched to commercial banks during the second week of August.

Proceeds will be used to help fund the acquisition of American Achievement Group Holding Corp., an Austin, Texas-based provider of commemorative jewelry, class rings, yearbooks, letter jackets and other jewelry, from Fenway Partners.

Herff Jones is an Indianapolis-based manufacturer and publisher of educational products, recognition awards and graduation-related items.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.