American Achievement to start roadshow March 9 for $150 million eight-year notes

By Paul A. Harris

St. Louis, March 1 - American Achievement Corp. plans to start a roadshow March 9 for a $150 million offering of eight-year senior subordinated notes (B-), a market source said.

The deal is expected to price on March 17.

Goldman Sachs & Co. and Deutsche Bank Securities will be the underwriters of the Rule 144A/Regulation S offering.

The company is also in the market with a proposed $195 million credit facility.

Proceeds, along with the proceeds of a cash equity investment by an affiliate of Fenway Partners Capital Fund II LP, will be used to finance the company's merger with that affiliate of Fenway Partners in addition to the company's previously announced tender for its 11 5/8% senior unsecured notes due 2007, and the redemption of Commemorative Brands Inc.'s 11% subordinated notes due 2007.

American Achievement is an Austin, Texas-based manufacturer and seller of high school and college class rings and yearbooks.

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