Quad/Graphics

　　Quad/Graphics Inc., the Sussex provider of printing and graphic-design services, is seeking $1.5 billion in loans to refinance debt, the company confirmed Friday.

　　"We are refinancing our debt," said Claire Ho, spokeswoman for Quad/Graphics. "The markets are much more attractive today than they were when we put the original financing in place."

　　Ho said the company has made significant progress integrating World Color operations with Quad's, and in paying down debt. Quad acquired World Color Press last year in a deal valued at $1.3 billion to $1.4 billion.

　　The company will host a bank meeting Tuesday in New York.

　　JPMorgan Chase & Co. is leading the refinancing transaction, which includes an $800 million revolving credit line and a $400 million term loan A, both due in five years, and a $300 million, seven-year term loan B.

　　A term loan B is sold mainly to non-bank lenders, such as collateralized loan obligations, bank loan mutual funds and hedge funds. A term loan A is sold mainly to banks.

　　Quad/Graphics last year got a $700 million term loan B that comes due in July 2016, according Bloomberg News data. The company has $685.3 million outstanding under the facility, which pays four percentage points more than the London interbank offered rate. Quad/Graphics also got $530 million in revolving credit lines.

　　In a revolving credit facility, money can be borrowed again once it's repaid. In a term loan, it can't.

　　Quad/Graphics shares on Friday closed down $1.92, or 4.8%, at $38.01.

[时间：2011-06-27]