---
schema_version: "secwatch.filing_event.v1"
accession: "0001481792-21-000035"
form_type: "8-K"
ticker: "QUAD"
cik: "0001481792"
company_name: "Quad/Graphics, Inc."
filed_at: "2021-11-03T23:59:59+00:00"
generated_at: "2026-06-28T13:52:47.733029+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001481792-21-000035
- form_type: 8-K
- ticker: QUAD
- cik: 0001481792
- company_name: Quad/Graphics, Inc.
- filed_at: 2021-11-03T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1481792/000148179221000035/0001481792-21-000035-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1481792/000148179221000035/quad-20211102.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001481792-21-000035
- JSON: https://secwatch.observer/filing/0001481792-21-000035.json
- Plain text: https://secwatch.observer/filing/0001481792-21-000035.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.