secwatch.observer — SEC 8-K summary
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Issuer:     Quad/Graphics, Inc. (QUAD)
CIK:        0001481792
Form:       8-K
Filed at:   2021-11-03T23:59:59+00:00
Accession:  0001481792-21-000035
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1481792/000148179221000035/0001481792-21-000035-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1481792/000148179221000035/quad-20211102.htm
  HTML page:      https://secwatch.observer/filing/0001481792-21-000035

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