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American Achievement PIK notes coupon increased to 16¾%
By Angela McDaniels
Tacoma, Wash., Sept. 29 - American Achievement Group Holding Corp. said the interest rate on its senior payment-in-kind notes due Oct. 1, 2012 increased to 16¾% from 14¾% on Aug. 30.
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 Monday.
The notes were issued in June 2006 with a 12¾% coupon that was increased to 14¾% in March 2007 for the same reason.
American Achievement is a scholastic products company based in Austin, Texas.
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