New Issue: Moore North America $400 million proceeds eight-year notes yield 8%

By Paul A. Harris

St. Louis, March 11 - Moore North America Finance, Inc. priced $403 million principal amount ($400,174,970 proceeds) of 7 7/8% senior notes due Jan. 15, 2011 (B1/BB-) Tuesday at 99.299 to yield 8%, according to a syndicate source.

Price talk was for a yield of 8%-8¼%.

Salomon Smith Barney, Deutsche Bank Securities Inc. and Morgan Stanley were joint bookrunners. The co-managers were BNP Paribas, Banc One Capital Markets, CIBC World Markets, Credit Lyonnais, Fleet Securities and Scotia Capital.

Proceeds from the Rule 144A deal will be used to help finance Moore Corp. Ltd's acquisition of Computer Services Inc. and to refinance debt of Moore and Wallace

The print and digital information management company is headquartered in Stamford, Conn.

Issuer:	Moore North America Finance, Inc.
Face amount:	$403 million
Proceeds:	$400,174,970
Maturity:	Jan. 15, 2011
Security description:	Senior notes
Bookrunners:	Salomon Smith Barney, Deutsche Bank Securities, Morgan Stanley
Co-managers:	BNP Paribas, Banc One Capital Markets, CIBC World Markets, Credit Lyonnais, Fleet Securities, Scotia Capital
Coupon:	7 7/8%
Price:	99.299
Yield:	8%
Call features:	Callable on Jan. 15, 2007 at 103.938, then at 101.969, declining to par on Jan. 15, 2009 and thereafter
Equity clawback:	Until Jan. 15, 2006 for 40% at 107.875
Settlement date:	March 14, 2003
Ratings:	Moody's: B1
	Standard & Poor's: BB-
Price talk:	8%-8¼%

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