Quad Amends and Extends Bank Debt Agreement to November 2026
November 02, 2021 at 04:30 pm EDT
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Quad/Graphics, Inc. announced that it has completed the fifth amendment to the Company?s April 28, 2014, bank debt agreement to: (1) reduce the aggregate amount of the existing revolving credit facility from $500 million to $432.5 million, and extend the maturity of a portion of the revolving credit facility such that $90.0 million under the revolving credit facility will be due on the existing maturity date of January 31, 2024 and $342.5 million under the revolving credit facility will be due on November 2, 2026; (2) extend the maturity of a portion of the existing term loan facility such that $91.5 million of such term loan facility will be due on the Existing Maturity Date and $483.9 million will be due on the Extended Maturity Date; (3) make certain adjustments to pricing, including an increase of 0.50% to the interest rate margin applicable to the loans maturing on the Extended Maturity Date; (4) modify certain financial and operational covenants; and (5) modify the interest rate provisions relating to the phase-out of LIBOR as a reference rate.
Quad/Graphics, Inc. is a marketing experience company. The Company's segments include the United States Print and Related Services and International. The United States Print and Related Services segment consists of its United States printing operations and is managed as one integrated platform. This includes print execution and logistics for retail inserts, catalogs, long-run publications, special interest publications, journals, direct mail, directories, in-store marketing and promotion, packaging, newspapers, custom print products, and other commercial and specialty printed products, along with global paper procurement, and marketing and other complementary services, such as data intelligence and analytics, technology solutions, media planning, placement and optimization, creative strategy and content creation. The International segment consists of its printing operations in Europe and Latin America, including operations in England, France, Germany, Poland, Colombia, Mexico and Peru.