American Achievement price talk 81/4-8½% on $150 million eight-year notes

By Paul A. Harris

St. Louis, March 16 - Price talk of 8¼% to 8½% emerged Tuesday on American Achievement Corp.'s proposed $150 million offering of eight-year senior subordinated notes (B3/B-), according to an informed source.

The deal is expected to price on Wednesday.

Goldman Sachs & Co. and Deutsche Bank Securities are joint bookrunners on the Rule 144A/Regulation S offering.

The notes will come with four years of call protection.

Proceeds will be used to support the acquisition of American Achievement by a new company organized and managed by Fenway Partners from Castle Harlan Inc.

The Austin, Texas-based company manufactures and sells high school and college class rings and yearbooks.

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