Ennis, Inc. announced the completion of the merger of Wright Business Graphics, Inc. with a wholly owned entity of Ennis in a stock merger transaction that closed on July 31, 2018. Wright Business Graphics is a printing company headquartered in Portland, Oregon. Wright has 7 locations in Oregon, Washington and California with its main facility located in Portland, Oregon. The business produces forms, pressure seal, packaging, direct mail, checks, statement processing and commercial printing. Wright had approximately $58 million in sales for its fiscal year ended March 31, 2018 and sells mainly through distributors and resellers. The operations will continue to operate as Wright Business Graphics and related brand names. All of the facilities will continue their normal operations in their current locations. Click Read More below for additional information.
Quad/Graphics, Inc. (NYSE: QUAD) (“Quad/Graphics” or the “Company”), announced today that it has completed the third amendment to the Company’s April 28, 2014, senior secured credit facility to: (1) increase its existing revolving credit facility from $725 million to $800 million with a five-year term (the “Revolver”); (2) increase its existing term loan A from $375 million to $825 million with a delayed draw feature and five-year term (the “DD-TLA”); (3) increase the existing term loan B from $300 million to $500 million with a seven-year term (the “TLB”); and (4) amend certain financial covenants.
Quad/Graphics expects to use the net proceeds from the DD-TLA and TLB to complete the pending acquisition of LSC Communications, Inc. (“LSC”).
“We are pleased to have completed an amendment to our Revolver, TLA and TLB facilities, which provides us with the appropriate liquidity and structural flexibility to complete our pending acquisition of LSC, and maintain a strong, flexible balance sheet,” said Dave Honan, Quad/Graphics Executive Vice President and Chief Financial Officer.
JPMorgan Chase Bank, N.A., U.S. Bank National Association, PNC Capital Markets LLC, Fifth Third Bank and BMO Capital Markets Corp. were the Lead Arrangers of the credit facilities.