Bondholders of yearbook maker Jostens Inc. are reaping a sudden windfall from the company’s planned takeover by Jarden Corp.
Investors in Jostens parent Visant Holding Corp.’s $737 million of notes due October 2017 saw the value of their holdings soar by more than 18 cents to 102 cents on the dollar on Wednesday at 10:42 a.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The debt rose after the company agreed to the $1.5 billion acquisition by Jarden.
Jarden, a sprawling consumer-brands business that owns everything from Coleman grills to Rawlings baseball mitts, is buying Visant from private-equity firms KKR & Co. and APriori Capital Partners.
Visant’s bonds are callable next month at 102.5 cents, according to data compiled by Bloomberg.