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American Achievement 12¾% PIK notes bumped to 14¾%
By Angela McDaniels
Seattle, March 2 - American Achievement Group Holding Corp. said the interest rate on its senior PIK notes due Oct. 1, 2012 increased to 14¾% from 12¾% on Feb. 24.
The interest rate increased because the condition referred to in the second sentence of Section (1)(b) of the note indenture was not met, according to an 8-K report filed with the Securities and Exchange Commission on Friday.
American Achievement is a scholastic products company based in Austin, Texas.
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