Published on 4/11/2014 in the Prospect News High Yield Daily.
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.
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Amount: | $300 million
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Maturity: | May 1, 2022
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Securities: | Senior notes
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Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, U.S. Bancorp Investments Inc., PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc.
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Co-managers: | BMO Capital Markets Inc., Fifth Third, TD Securities, Wells Fargo Securities LLC
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Coupon: | 7%
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Price: | Par
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Yield: | 7%
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Spread: | 461 bps
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Call protection: | Non-callable
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Trade date: | April 11
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Settlement date: | April 28
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Ratings: | Moody's: B1
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| Standard & Poor's: B
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Distribution: | Rule 144A and Regulation S with registration rights
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Price talk: | 6¾% area
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Marketing: | Roadshow
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