New Issue: Quad/Graphics prices $300 million eight-year notes at par to yield 7%

By Paul A. Harris

Portland, Ore., April 11 - Quad/Graphics Inc. priced a $300 million issue of non-callable eight-year senior notes (B1/B/) at par to yield 7% on Friday, according to a market source.

The yield printed 12.5 basis points beyond the wide end of price talk that had been set in the 6¾% area.

J.P. Morgan Securities LLC, BofA Merrill Lynch, U.S. Bancorp Investments Inc., PNC Capital Markets LLC and SunTrust Robinson Humphrey Inc. were the joint bookrunners.

The Sussex, Wis.-based printer and media channel integrator plans to use the proceeds for general corporate purposes, including debt refinancing.

Issuer:	Quad/Graphics Inc.
Amount:	$300 million
Maturity:	May 1, 2022
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, BofA Merrill Lynch, U.S. Bancorp Investments Inc., PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc.
Co-managers:	BMO Capital Markets Inc., Fifth Third, TD Securities, Wells Fargo Securities LLC
Coupon:	7%
Price:	Par
Yield:	7%
Spread:	461 bps
Call protection:	Non-callable
Trade date:	April 11
Settlement date:	April 28
Ratings:	Moody's: B1
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	6¾% area
Marketing:	Roadshow

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