American Achievement talks $150 million 10-year discount notes at 12¼%-12½%; pricing Wednesday

By Paul A. Harris

St. Louis, June 6 - American Achievement Group Holding Corp. talked its $150 million offering of 10-year senior discount notes at 12¼% to 12½%, according to market sources.

The offering is expected to price on Wednesday.

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

The notes will have a five-year zero coupon and will come with 2.5 years of call protection.

Proceeds will be used to fund a distribution to shareholders.

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

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