Mail-Well Offers Debt Securities
ENGLEWOOD, CO—Mail-Well Inc. announced it intends to offer new senior unsecured debt securities in a private offering. The aggregate principal amount of the new securities is expected to be $300 million with a 10-year maturity. Mail-Well will use proceeds from this offering to repay a portion of its senior secured bank debt. Mail-Well also obtained an amendment to its existing agreement from its syndicate of banks which, upon completion of this offering, will allow the company to set aside funds to retire its existing 5 percent convertible bonds when they come due this November.
Wisconsin Color Files Chapter 11
MILWAUKEE—Wisconsin Color Press has filed for Chapter 11 bankruptcy protection, the Milwaukee Journal Sentinel reported. The move allows the company to remain in business while devising a plan to satisfy creditors. The newspaper quoted the company as attributing the filing to overcapacity in a shrinking printing market. Online catalogs have taken a bite out of large print runs.
Transcontinental Buys Presses
MONTREAL—Transcontinental Group has placed an order for two gapless Heidelberg Mainstream presses. The units will be installed later this year at a new facility being constructed here. The new presses will enable Transcontinental Group to produce La Presse, the largest French language daily newspaper in North America. It has a circulation of 183,000 copies on weekdays, 274,000 on Saturdays and 191,000 on Sundays.
IWCO Acquires PageStream
CHANHASSEN, MN—Backed by the acquisition of an Océ PageStream 530 Plus, The Instant Web Companies (IWCO) increased its LED and MICR capacity by more than 30 percent to meet growing customer demand for its integrated solutions, the company announced. The unit, on the strength of its controller, offers IWCO expanded functionality, speed and performance for its direct mail client base.
Moore Creates Scholarship Fund
TORONTO—The senior management team at Moore Corp. is funding a scholarship program for children of the company's employees. According to Robert Burton, president and CEO of Moore, 100 scholarship grants, averaging roughly $1,500, will be initially awarded to college-bound students. Burton is personally donating $100,000 to start the program. Criteria used to judge applicants include educational success, athletics and club participation, and community service. Children with learning disabilities and those who overcome other obstacles will also be considered.