Visant ups spread on $1.25 billion term loan to Libor plus 525 bps

By Sara Rosenberg

New York, Sept. 16 - Visant Holding Corp. increased pricing on its $1.25 billion term loan to Libor plus 525 basis points from initial talk of Libor 475 bps to 500 bps, according to a market source.

As before, the term loan includes a 1.75% Libor floor and 101 soft call protection for one year and is being sold at an original issue discount of 98.

The $1.425 billion credit facility (Ba3/BB-) also provides for a $175 million revolver.

Credit Suisse, Goldman Sachs, Barclays, Deutsche Bank, Bank of America and KKR Capital Markets are the lead banks on the deal.

Proceeds will be used to help fund a recapitalization that includes tender offers for the company's 10¼% senior discount notes due 2013, its 8¾% senior notes due 2013 and its 7 5/8% senior subordinated notes due 2012.

The refinancing also includes $750 million of new notes.

Visant is an Armonk, N.Y.-based marketing and publishing services enterprise.

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