Quad completes financing of debt for acquisition

Sussex-based Quad/Graphics Inc. has completed its $1.9 billion debt financing, which incorporates refinancing, extending and expanding its $1.6 billion senior secured credit facility and a high-yield offering of $300 million in bonds.

The company will use the net proceeds of the offering, a five-year, $50 million bank term loan A and a seven-year, $300 million term loan B to acquire Brown Printing Co., for general corporate purposes and to repay its existing term loans and revolver borrowings

“We are pleased to have closed on our debt offering, which is consistent with our ongoing disciplined approach to maintain a strong, flexible balance sheet and create value for all our stakeholders,” said Dave Honan, Quad/Graphics vice president and chief financial officer. “Attractive credit markets made this an ideal time to refinance. Amending our Revolver, TLA and TLB facilities, and completing our inaugural high-yield bond offering of $300 million of unsecured senior notes extends and staggers the company’s debt maturity profile, further diversifies our capital structure, and provides more borrowing capacity to better position our company to execute on its strategic goals.”

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