American Achievement to sell $150 million 10-year notes in dividend-funding deal

By Paul A. Harris

St. Louis, June 5 - American Achievement Group Holding Corp. plans to issue $150 million of 10-year senior discount notes on Tuesday, according to an informed source.

Price talk will be given on Tuesday morning.

Goldman Sachs and Lehman Brothers are joint bookrunners for the Rule 144A offering.

The notes will have a zero coupon for five years and will be non-callable for 2.5 years.

Proceeds will be used to fund a distribution to shareholders. Fenway Partners is the sponsor.

American Achievement is an Austin, Texas-based scholastic products company.

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