Quad/Graphics amends credit facility: revolver cut to $432.5M, maturities extended to Nov 2026

Quad/Graphics, Inc.

Revolving credit reduced from $500M to $432.5M; $342.5M due Nov 2026, $90M due Jan 2024.
Term loan: $483.9M extended to Nov 2026, $91.5M remains due Jan 2024; interest margin increased 0.50%.
New covenants: Total Leverage Ratio ≤3.75x; Senior Secured Leverage ≤3.50x (3.25x after Dec 2023); minimum liquidity $181.6M after Dec 15, 2023.
Dividend/stock repurchase limits based on Total Net Leverage Ratio: >$60M if ≥2.75x, >$100M if 2.50-2.75x, none if <2.50x.
JPMorgan, BofA, BMO, Citizens, Fifth Third, PNC, U.S. Bank were lead arrangers.

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