Jostens IH Corp. Announces Optional Bank Debt
Pre-Payment and Name Change to Visant
Visant™ Is Led by Marc L. Reisch; Includes
Market-Leading Companies Jostens™, Von
Hoffmann™, Lehigh Lithographers™,
Arcade™ and Lehigh Direct™.
ARMONK, N.Y. — Feb. 22, 2005
— Jostens IH Corp. announces that it voluntarily
pre-paid the next three years' scheduled payments
under its bank term loans in the aggregate amount
of $63.6 million. After giving effect to this
optional payment, the company's term borrowings
are $956.4 million in principal amount. The
company reduced its term borrowings with free
cash flow generated from operations. The term
loan borrowings were originally made by the
company in October 2004 in connection with the
closing of the transactions that brought Jostens,
Von Hoffmann, Lehigh and Arcade Marketing under
the common ownership of Kohlberg Kravis Roberts
& Co. L.P. and DLJ Merchant Banking Partners
III, L.P., to form a specialty printing, marketing
and school-related affinity products and services
organization.
Today the company is also pleased to announce
that Jostens IH Corp. has been renamed VISANT
(vy-sent) Corporation effective immediately.
The new name, derived from the word "advisor,"
reflects the organization's strategy to capitalize
on the collective resources of these businesses
in an effort to guide and support the companies
toward optimal growth of each of the businesses
and the organization as a whole.
The Jostens, Von Hoffmann, Lehigh and Arcade
names, which represent the companies' longstanding
and well-established reputations in their respective
markets, will remain; and the companies' products
and services will continue to be marketed and
sold under the Jostens, Von Hoffmann, Lehigh
and Arcade marks. The new name will signify
the collective organization's common face to
the marketplace and its investors.
Jostens Holding Corporation will also bear
the Visant name and will be known as Visant
Holding Corp.
"Our ability to pre-pay three years' amortization
reflects the strong free cash flows generated
by these businesses," commented Marc Reisch,
chairman, president and chief executive officer
of Visant.
"The announcement of our new name marks
an important milestone in the integration of
the businesses that was begun in October 2004.
I am excited about the progress that has been
made to date and look forward to continuing
to drive initiatives for growth and innovation
in each of the businesses."
Visant expects to release 2004 full year and
fourth quarter results on March 10, 2005. Further
details on the earnings release are available
at
http://www.jostens.com/company/investor/index.asp
Jostens is a leading provider of school-related
affinity products and services that help people
celebrate important moments, recognize achievements
and build affiliation. Jostens' products include
yearbooks, class rings, graduation products
and school photography.
Von Hoffmann is a leading manufacturer of four-color
case bound and soft-cover educational textbooks,
textbook covers, standardized test materials
and related components for major educational
publishers in the United States. It also provides
commercial printing services to non-educational
customers, including business-to-business catalogers.
Arcade is a leading global marketer and manufacturer
of multi-sensory and interactive advertising
sampling systems for the fragrance, cosmetics
and personal care markets as well as other consumer
product markets, including household products
and food and beverage markets.
Lehigh Direct also provides a range of innovative
printing products and services to the direct
marketing sector.
Contact:
Jostens IH Corp.
Marjorie Brown, 952-830-8463
marjorie.brown@jostens.com
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2005
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