American Achievement amends loan to increase accordion feature, capital expenditures allowance

By Sara Rosenberg

New York, Aug. 18 - American Achievement Corp. amended its credit facility, increasing the amount of potential incremental loans and the amount of permitted capital expenditures, according to an 8-K filed with the Securities and Exchange Commission Friday.

The potential for incremental loans was bumped up to $75 million from $25 million and the amount of permitted capital expenditures was bumped up to $16 million from $11 million.

In addition, the amendment removes the requirement to prepay the loans from consolidated excess cash flows if specified leverage ratios are met, and increases the amount of permitted investments and the amount of permitted acquisitions.

Lastly, the amendment adds American Achievement Group Holding Corp., the company's new parent, to the agreement and permits certain payments to be made to the parent.

The amendment was completed on Aug. 17.

Goldman Sachs Credit Partners is the administrative agent on the deal.

American Achievement is an Austin, Texas, manufacturer and supplier of class rings, yearbooks, graduation products, achievement productions and recognition and affinity jewelry.

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