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Quad/Graphics Closes $1.9 Billion Debt Financing

Wednesday, April 30, 2014

Press release from the issuing company

Company Refinances and Expands its Senior Secured Credit Facility to $1.6 Billion and Completes Inaugural High-Yield Bond Offering of $300 Million of Unsecured Senior Notes Due 2022

SUSSEX, Wis. - Quad/Graphics, Inc., announced today that it has completed its previously announced $1.9 billiondebt financing that includes refinancing, extending and expanding its $1.6 billion senior secured credit facility consisting of a five-year $850 million revolving line of credit (the “Revolver”), a five-year $450 million bank term loan A (the “TLA”), and a seven-year $300 million term loan B (the “TLB”), as well as a high-yield bond offering of $300 million aggregate principal amount of its 7.0% senior unsecured notes due 2022.

“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,” saidDave Honan, Quad/Graphics Vice President and CFO. “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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