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Moore Completes Financing For Wallace Buy, Confirms Q1 Guidance

Tuesday, March 18, 2003

Press release from the issuing company

MISSISSAUGA, Ontario & STAMFORD, Conn. --March 17, 2003-- 2003--Moore Corporation Limited today announced that it expects to report first quarter 2003 earnings per share of at least $0.18. This earnings estimate is consistent with analyst expectations of earnings for the quarter. Also, the company announced the completion of $1.25 billion in financing for its proposed acquisition of Wallace Computer Services, Inc. The $1.25 billion in financing consists of: $403 million of 7 7/8% Senior Notes due 2011 (generating $400 million in gross proceeds); and $850 million of bank financing, consisting of a $500 million term loan and a $350 million revolving credit facility. The net proceeds of the Senior Notes and the bank term loan have been deposited into separate escrow accounts pending completion of the Wallace acquisition. Upon the release of the funds from the escrow account, Moore intends to use the proceeds of the Senior Notes and the bank term loan, together with cash on hand and portion of the funds available under the revolving credit facility, to finance the Wallace acquisition (including the payment of related fees and expenses) and refinance substantially all of the debt of Moore and Wallace.

 

 

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