Phoenix Color gets tenders for all 13% notes

By Jennifer Chiou

New York, April 1 - Phoenix Color Corp. announced the receipt of tenders for all $105 million of its 13% senior subordinated notes due 2009 at the end of its offer.

The tender offer ended at 8 a.m. ET on April 1.

It was conducted in connection with the company's previously announced agreement to merge with a subsidiary of Visant Corp., a company controlled by affiliates ofKohlberg Kravis Roberts & Co. LP and DLJ Merchant Banking Partners III, LP.

Phoenix Color is now a wholly owned subsidiary of Visant.

The company had been seeking tenders from holders of 90% of the notes.

The total consideration offered to be paid in cash is $1,010 for each $1,000 principal amount of notes validly tendered by 5 p.m. ET on March 4, the consent deadline. The payout includes a consent payment of $10.

The company solicited consents to amend the indenture to, among other things, eliminate substantially all of the restrictive covenants and modify or eliminate certain events of default and certain other provisions.

D.F. King & Co., Inc. was the information agent (call collect 212 269-5550 or call 888 644-5854). Houlihan, Lokey, Howard & Zukin Capital, Inc. was the dealer manager (call collect 212 497-4100 or call 800 734-5256).

Phoenix Color is a Hagerstown, Md., book component printing and book manufacturing company.

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