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Quad/Graphics Amends Senior Credit Facility to Support Financing for Acquisition Of LSC Communications

Monday, February 04, 2019

Press release from the issuing company

Company Increases Revolving Credit Facility to $800 Million; Existing Term Loan A to $825 Million; and Existing Term Loan B to $500 Million

Sussex, Wis. – Quad/Graphics, Inc. (“Quad/Graphics” or the “Company”), announced today that it has completed the third amendment to the Company’s April 28, 2014, senior secured credit facility to: (1) increase its existing revolving credit facility from $725 million to $800 million with a five-year term (the “Revolver”); (2) increase its existing term loan A from $375 million to $825 million with a delayed draw feature and five-year term (the “DD-TLA”); (3) increase the existing term loan B from $300 million to $500 million with a seven-year term (the “TLB”); and (4) amend certain financial covenants.

Quad/Graphics expects to use the net proceeds from the DD-TLA and TLB to complete the pending acquisition of LSC Communications, Inc. (“LSC”).

“We are pleased to have completed an amendment to our Revolver, TLA and TLB facilities, which provides us with the appropriate liquidity and structural flexibility to complete our pending acquisition of LSC, and maintain a strong, flexible balance sheet,” said Dave Honan, Quad/Graphics Executive Vice President and Chief Financial Officer.

JPMorgan Chase Bank, N.A., U.S. Bank National Association, PNC Capital Markets LLC, Fifth Third Bank and BMO Capital Markets Corp. were the Lead Arrangers of the credit facilities.


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