American Achievement Successfully Refinances Credit Facilities
Positions Company to Optimize Next Phase of Growth
AUSTIN, Texas, Sept. 30, 2015 /PRNewswire/ -- Leading yearbook and affinity company American Achievement Corporation ("AAC"), which operates primarily under the Balfour brand, today announced the closing of the private placement of $467 million aggregate principal amount of new revolving credit facility, first lien term loan, senior subordinated notes and preferred stock.
The proceeds of this offering will be used to refinance the Company's existing revolving credit facility and $365 million of 10.875% senior secured notes due in 2016. In addition, the recapitalization will allow AAC to redeem or exchange all outstanding Series A Preferred Stock at the Company's indirect parent, American Achievement Group Holding Corp., redeem certain minority holders of common stock and warrants and pay related fees and expenses.
Steven Parr, President and Chief Executive Officer of American Achievement stated, "Today's announcement is another important step forward for AAC as we continue to pursue a strategy to strengthen and diversify the business for long-term growth, both organically and through niche add-on acquisitions. Our successful refinancing follows multiple significant developments for the Company this year, including the acquisition of Gaspard, a manufacturer of graduation caps and gowns, and investments in My YearLook and TeamWorks, two digital scholastic assets that fit well with AAC's business model – all representing exciting new paths for growth."
Mr. Parr concluded, "The Company is at an important inflection point, and today's refinancing will enable us to reposition the business and execute on our strategic plans."
The Company retained Moelis & Company LLC as a financial advisor in connection with this transaction. Lowenstein Sandler LLP acted as company counsel.
About American Achievement
American achievement provides products that forever mark the special moments of people's lives. As the parent company of brands such as ArtCarved®, Balfour®, Keepsake® and Taylor Publishing®, American achievement's legacy is based upon the delivery of exceptional, innovative products, including class rings, yearbooks, graduation products, achievement publications and affinity jewelry through in-school and retail distribution. American achievement's products are available through a variety of distribution methods, including direct sales to students in high schools and colleges, national jewelry retailers, independent jewelry stores and mass merchandisers. For more information on American achievement, please visit the company's web site at www.balfour.com.
Media Contacts
Brooke Gordon/Brian Shiver
Sard Verbinnen & Co
(212) 687-8080
SOURCE American Achievement Corporation
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