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Merrill Corporation Announces Successful Completion of Financing Transaction

Tuesday, August 03, 2004

Press release from the issuing company

ST. PAUL, Minn., Aug. 2 - Merrill Corporation, a global, diversified communications and document services provider, announced the completion on Friday, July 30, 2004, of a $210 million refinancing transaction. Credit Suisse First Boston and Banc of America Securities LLC were the co-lead arrangers of the credit facility, which consists of a $50 million revolving credit facility and $160 million of term loan facilities. The proceeds were used to refinance existing debt, to repurchase its outstanding senior discount notes and for working capital and general corporate purposes. The transaction was substantially over-subscribed. "The attractive pricing and terms of the new financing will save the company more than $5 million annually and provide greater operational flexibility," said John Castro, CEO of Merrill Corporation. "This reflects the improved results the company has been generating over the last year." Castro added that most of the lenders from Merrill's existing syndicated facility became lenders under the new credit arrangement and that the transaction also attracted a number of new bank and institutional lenders.




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