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Quad/Graphics to draw on revolver to fund purchase of Vertis Holdings
By Sara Rosenberg
New York, Oct. 10 - Quad/Graphics Inc. plans on using borrowings under its revolving credit facility and cash on hand to fund the acquisition of Vertis Holdings inc., according to a news release.
The purchase price for Vertis is $258.5 million, which includes the payment of about $88.5 million for current assets that are in excess of normalized working capital requirements.
To facilitate the transaction, Vertis filed for Chapter 11 and filed documents seeking the Bankruptcy Court's approval of the proposed sale.
Quad/Graphics is a Sussex, Wis.-based provider of print and related multichannel solutions. Vertis is a Baltimore-based marketing communications company.
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