Quad/Graphics Closes $1.9 Billion Debt Financing

SUSSEX, WI—April 28, 2014—Quad/Graphics has completed its previously announced $1.9 billion debt financing that includes refinancing, extending and expanding its $1.6 billion senior secured credit facility consisting of a five-year $850 million revolving line of credit (the “Revolver”), a five-year $450 million bank term loan A (the “TLA”) and a seven-year $300 million term loan B (the “TLB”), as well as a high-yield bond offering of $300 million aggregate principal amount of its 7.0 percent senior unsecured notes due 2022.

“We are pleased to have closed on our debt offering, which is consistent with our ongoing disciplined approach to maintain a strong, flexible balance sheet and create value for all our stakeholders,” said Dave Honan, Quad/Graphics vice president and CFO. “Attractive credit markets made this an ideal time to refinance. Amending our Revolver, TLA and TLB facilities, and completing our inaugural high-yield bond offering of $300 million of unsecured senior notes extends and staggers the company’s debt maturity profile, further diversifies our capital structure and provides more borrowing capacity to better position our company to execute on its strategic goals.”

Quad/Graphics expects to use the net proceeds from the TLA and TLB as well as the $300 million unsecured senior notes offering to: (1) repay its existing term loans, revolver borrowings and an international term loan; (2) fund the acquisition of Brown Printing Company; and (3) for general corporate purposes.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sales of the notes in any jurisdiction in which such offer, solicitation or sales would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press release is being issued pursuant to, and in accordance with, Rule 135(c) under the Securities Act of 1933, as amended.

J.P. Morgan Securities, Bank of America, U.S. Bank National Association, PNC Capital Markets and SunTrust Robinson Humphrey were the Lead Arrangers of the credit facilities.

About Quad/Graphics
Quad/Graphics (NYSE: QUAD), a leading global printer and media channel integrator, is redefining print in today’s multichannel media world by helping marketers and publishers capitalize on print’s ability to complement and connect with other media channels. With consultative ideas, worldwide capabilities, leading-edge technology and single-source simplicity, Quad/Graphics has the resources and knowledge to help its clients maximize the revenue they derive from their marketing spend through channel integration, and minimize their total cost of print production and distribution through a fully integrated national distribution network. The company provides a diverse range of print solutions, media solutions and logistics services from multiple locations throughout North America, Latin America and Europe.

Source: Quad/Graphics.