Quad/Graphics shifts funds, updates term loan B Libor floor, OID

By Sara Rosenberg

New York, July 19 - Quad/Graphics Inc. downsized its seven-year term loan B to $200 million from $300 million, upsized its five-year revolver to $850 million from $800 million and upsized its five-year term loan A to $450 million from $400 million, according to a market source.

Also, pricing on the term loan B remained at Libor plus 300 basis points; however, the Libor floor was reduced to 1% from 1.25% and the original issue discount firmed at 991/2, the tight end of the 99 to 99½ talk, the source said.

The 101 soft call protection for one year on the B loan was left unchanged.

Pricing on the revolver and the term loan A is Libor plus 225 bps.

J.P. Morgan Securities LLC is the lead bank on the $1.5 billion credit facility (BBB-).

Recommitments are due at noon ET on Wednesday.

Proceeds will be used to refinance an existing senior secured credit facility.

Quad/Graphics is a Sussex, Wis.-based provider of print and related services.

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