American Achievement extends early tender date for 12¾% PIK notes

By Susanna Moon

Chicago, June 19 - American Achievement Group Holding Corp. said it postponed the early tender deadline for its 12¾% senior pay-in-kind notes to 11:59 p.m. ET on July 2.

The company began the cash tender offer for any and all of its $110,090,828 of 12¾% PIK notes due Oct. 1, 2012 on June 4.

The early tender deadline was extended from 5 p.m. ET on June 18. The offer ends at 11:59 p.m. ET on July 2.

As of 5 ET on June 18, investors had tendered $36,672,118 principal amount, or 33.31%, of the notes.

The company previously said it will pay $230.11 per $1,000 principal amount of notes, including an early tender premium of $20.00 to those who tender by the early deadline.

American Achievement said it will not pay accrued interest.

On Feb. 25, the company repurchased $104,301,834 of the notes for $24 million.

The company said it intends to fund the offer with a combination of one or more of cash borrowed by subsidiary American Achievement Corp. under its revolving line of credit; proceeds of the sale of new preferred stock by newly formed subsidiary American Achievement Intermediate Holding Corp.; and cash on hand.

Goldman, Sachs & Co. (800 828-3182 or call collect 212 357-4692) is the dealer manager. The information agent is Global Bondholder Services Corp. (866 873-6300 or call collect 212 430-3774).

American Achievement is a scholastic products company based in Austin, Texas.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.