New Issue: Jostens sells $500 million eight-year notes at par to yield 7 5/8%

By Paul A. Harris

St. Louis, Sept. 23 - Jostens IH Corp. sold $500 million of eight-year senior subordinated notes (B3/B-) at par on Thursday to yield 7 5/8%, according to a syndicate source.

Price talk was 7¾% to 8%

Credit Suisse First Boston and Deutsche Bank Securities ran the books for the Rule 144A issue. The co-managers were Banc of America Securities, ING Financial Markets, Calyon Securities, CIT Capital Securities, Greenwich Capital Markets and NatCity Investments.

Proceeds will be used to repay the $500 million bridge loan incurred to fund the acquisitions, merger and recapitalization of Jostens, Von Hoffmann and AKI, including the tender for Jostens' 12¾% senior subordinated notes due 2010.

Jostens is a Minneapolis-based specialty printing and marketing services company.

Issuer:	Jostens IH Corp.
Amount:	$500 million
Maturity:	Oct. 1, 2012
Security description:	Senior subordinated notes
Bookrunners:	Credit Suisse First Boston, Deutsche Bank Securities
Co-managers:	Banc of America Securities, ING Financial Markets, Calyon Securities, CIT Capital Securities, Greenwich Capital Markets, NatCity Investments
Coupon:	7 5/8%
Price:	Par
Yield:	7 5/8%
Spread:	384 basis points
Call features:	Callable on or after the following Oct. 1, 2008 at 103.813, 101.906, par on or after Oct. 1, 2010
Equity clawback:	Until Oct. 1, 2007 at 107.625 for up to 35%
Pricing date:	Sept. 23
Settlement date:	Oct. 4
Ratings:	Moody's: B3
	Standard & Poor's: B-
Price talk:	73/4-8%

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