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Merrill Successful in Exchange Offer for 12% Senior Subordinated Notes

Monday, August 05, 2002

Press release from the issuing company

ST. PAUL, MINN. -- August 2, 2002 -- Merrill Corporation announces that holders of its outstanding 12% Senior Subordinated Notes due 2009 have tendered 97.77% of the outstanding notes in exchange for Class A Senior Subordinated Notes due 2009, Class B Senior Subordinated Notes due 2009 and Series A Warrants pursuant to an exchange offer that expired at 5:00 p.m. EDT on August 1, 2002. Merrill Corporation has also obtained consents from the holders of the 12% Senior Subordinated Notes due 2009 to amend the existing indenture governing those notes not tendered in order to delete substantially all of the covenants in that indenture and to subordinate those notes to all Class A Senior Subordinated Notes due 2009 and Class B Senior Subordinated Notes due 2009. The exchange offer and consent solicitation are part of a restructuring involving Merrill Corporation’s other debt and equity securities as well as its Credit Agreement. The issuance of the Class A Senior Subordinated Notes due 2009, the Class B Senior Subordinated Notes due 2009 and the Series A Warrants, together with consummation of each of the other elements of the restructuring, is expected to take place on August 9, 2002. “After months of negotiations, we are very pleased that the exchange offer has been accepted. It is a credit to our clients, employees and lenders that this restructuring will be successfully completed. I’m grateful for the confidence and trust shown during this process,” said John Castro, President and CEO of Merrill. Merrill Corporation is a diversified communications and document services company applying advanced information systems and intranet/internet technology to provide a wide range of services to its financial, legal and corporate clients.

 

 

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