Moore Wallace to use revolver borrowings to fund PPS acquisition

By Sara Rosenberg

New York, Dec. 1 - Moore Wallace Inc. plans to use borrowings under its revolving credit facility to finance the cash portion of the acquisition of Payment Processing Solutions Inc., according to a company news release.

The acquisition will cost about $92.5 million in cash and common shares, including the repayment of outstanding PPS debt.

"PPS is a valuable addition to our portfolio of integrated print solutions," said Mark A. Angelson, chief executive officer of Moore Wallace, in the release. "The transaction advances our previously announced strategy of making relatively small acquisitions that expand both our product offering and client base in our higher growth, higher margin outsourcing business."

The transaction, which is not subject to any financing approval, is expected to close around year end 2003 following regulatory and other customary approvals.

Moore Wallace is a Mississauga, Ont., provider of print management and outsourced communications.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.