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S&P: Quad/Graphics loans BBB-
Standard & Poor's said it assigned a BBB- rating to Quad/Graphics Inc.'s proposed $1.5 billion first-lien credit facility, consisting of an $800 million revolving credit facility, $400 million term loan A and $300 million term loan B.
The BBB- rating is one notch above the corporate credit rating on the company.
The recovery rating on this debt is 2, indicating 70% to 90% expected recovery in a default.
The proceeds will be used to refinance its existing credit facilities.
The ratings reflects an expectation that the company will continue to realize synergy benefits from its July 2010 acquisition of World Color Press Inc., S&P said, and will continue to reduce leverage.
The agency said it views Quad's business risk profile as fair, based on its size, operating efficiency and profitability, notwithstanding difficult industry fundamentals in the printing business.
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