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$100 Mln Of Jostens Trades

30 Sep 2004

Approximately $100 million of Jostens Intermediate Holding Corp.'s $870 million "B" traded after the debt broke last week.

Approximately $100 million of Jostens Intermediate Holding Corp.'s $870 million "B" traded after the debt broke last week. The printing company's "B" loan was bought on the break in the 101 1/2-101 3/4 range by CLOs, said a trader.

The "B" tranche is part of a $1.27 billion facility that backs Kohlberg Kravis Roberts & Co. and DLJ Merchant Banking Partners' recap of Jostens, Von Hoffman Corp. andArcade Marketing. The facility also comprises a $250 million revolver and a $150 million "A" loan. All tranches priced at LIBOR plus 2 1/2%, though pricing on the "B" was flexed from LIBOR plus 2 3/4% during syndication. The financing also includes $500 million of senior subordinated notes due 2012 (LMW 9/13). Credit Suisse First Boston leads the bank deal and Bank of America and Deutsche Bank are co-arrangers. A Jostens spokeswoman did not return calls.

30 Sep 2004