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Jostens IH Corp. Announces Name Change To Visant

Monday, March 07, 2005

Press release from the issuing company

ARMONK, NY -- 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 The term loan borrowings were originally made by the company in October 2004 in connection with the closing of the transactions that brought Jostens, Von Hoffmann, Lehigh and Arcade Marketing under the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."

 

 

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