CHICAGO, May 11 /PRNewswire/ -- Duff & Phelps Credit Rating Co. (DCR) no
longer rates Jostens' 'A' (Single-A) rated $200 million medium-term note
program and its 'D-1' (D-One) commercial paper program. Approximately
$70 million of securities are affected. The rating action reflects the fact
that both issues have been retired with the proceeds of a new bank credit
facility and senior subordinated note offering.
DCR placed the company on Rating Watch--Down on January 4, 2000 when it
was announced that Investcorp and members of JOS management would be taking
the company private at $25.25/share. The transaction was approved by
shareholders on May 9, 2000. As a result, the company renegotiated a new bank
credit agreement and issued $225 million of 12.75 percent senior subordinated
notes due 2010 to fund the recapitalization as well as retire existing bank
debt. DCR does not rate the new senior subordinated issue.
Jostens is the leading provider of products and services that commemorate
events and achievements including class rings, yearbooks, graduation products,
student photography products, customized business performance and sports
awards. The company holds the No. 1 market share position in several
categories, including yearbooks, class rings, diplomas and announcements.
For additional research on Jostens, visit DCR's web site at
http://www.dcrco.com (Quick Search: Jostens). DCR's research is also
available on Bloomberg at DCR and First Call's BondCall Direct/Research
Direct at http://www.firstcall.com, as well as through other third party
providers.
SOURCE Duff & Phelps Credit Rating Co.
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Related links:
http://www.dcrco.com
CONTACT:
Sheila M. McNeely, 312-368-3185,
mcneely@dcrco.com, or Thomas P. Razukas, CFA, 212-908-0223,
razukas@dcrco.com, both of Duff & Phelps Credit Rating Co.
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