Bloomberg News

Quad/Graphics Said to Alter Structure of $1.5 Billion Financing

July 19, 2011

July 19 (Bloomberg) -- Quad/Graphics Inc., a provider of printing and graphic-design services, altered the structure of $1.5 billion in loans it’s seeking to refinance existing debt, according to a person with knowledge of the transaction.

A seven-year term loan B will be reduced to $200 million from $300 million; a five-year revolving line of credit will be increased to $850 million from $800 million; and a five-year term loan A will be increased to $450 million from $400 million, said the person, who declined to be identified because the terms are private.

The term loan B will pay 3 percentage points more than the London interbank offered rate, with a revised 1 percent minimum on the lending benchmark, according to the person. The initial Libor floor was 1.25 percent. The debt is expected to price at 99.5 cents on the dollar.

JPMorgan Chase & Co. is arranging the deal, said the person. Commitments are due tomorrow at 12 p.m. New York time.

--With assistance from. Editors: Faris Khan, Cecile Gutscher

To contact the reporter on this story: Richard Bravo in New York at rbravo5@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net


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