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Funding For Moore Buy Of Wallace To Include $400 Million Bonds

Wednesday, January 29, 2003

Press release from the issuing company

January 29, 2003 --Dow Jones yesterday reported that Moore's acquisition of Wallace will include $850 million in syndicated loans and $400 million in bonds. Dow Jones cited people familiar with the deal. It was announced this month that Moore Corporation would buy Wallace Corporation for about $1.3 billion in cash and stock. Moore will issue about 44.2 million common shares to Wallace shareholders, who will own about 28% of the combined company. The preliminary structure for the $850 million in leveraged loans is for $350 million of pro-rata tranches - pieces that are marketed primarily to banks - and $500 million of a term loan B, which is marketed to funds and structured vehicles. Moody's Investors Service placed Wallace's Baa2 senior unsecured ratings on review for possible downgrade. Moore has a senior implied rating of Ba3 from Moody's. Standard & Poor's placed Moore's ratings on CreditWatch with positive implications, including the double-B-plus long-term corporate credit rating. S&P also put Wallace's ratings, including the triple-B long-term corporate credit rating, on CreditWatch with negative implications last week according Dow Jones.




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