Attached files
file | filename |
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8-K - FORM 8-K - BOWNE & CO INC | y79849e8vk.htm |
EX-10.1 - EX-10.1 - BOWNE & CO INC | y79849exv10w1.htm |
Exhibit 99.1
Bowne & Co., Inc. | ||||
55 Water Street | ||||
New York, NY 10041 | ||||
(212) 924-5500 | ||||
Fax: (212) 658-5871 |
NEWS
RELEASE
|
Investor Relations Contact: | Media Contact: | |||
Bryan Berndt | Pamela Blum | |||
VP & Treasurer | Director of Corporate Communications | |||
212-658-5817 | 212-658-5884 | |||
bryan.berndt@bowne.com | pamela.blum@bowne.com |
FOR IMMEDIATE RELEASE
BOWNE AMENDS AND EXTENDS ITS REVOLVING CREDIT FACILITY
Extends Maturity through 2013, Attains More Favorable Covenants and Retains Total Committed Amount
of Existing Revolver
NEW
YORK, October 20, 2009 Bowne & Co., Inc. (NYSE:
BNE), a global leader in shareholder and
marketing communications, today announced that it has received commitments from its bank group to
amend its credit facility and extend its maturity through May 2013. J.P. Morgan Securities, Inc.
and Banc of America Securities LLC were Joint Lead Arrangers for the Facility.
Additionally, under the terms of the amended facility, the minimum fixed charge coverage ratio will
be 1.0x at all times, and the Company will be afforded increased flexibility related to cash
dividends and acquisitions.
Although our existing facility does not expire until May 2011, we decided to take the opportunity
to amend and extend our revolving credit facility now, given recent improvements in market
conditions, our improved capital structure, and our bank groups continued support of our
business, said Dave Shea, Chairman and CEO.
As with the existing facility, the $123.0 million Revolving Credit Facility (Revolver) will have
an interest rate of LIBOR plus 4.00% in the case of Eurodollar loans, or a base rate plus 3.00% in
the case of Base Rate loans, and borrowings will be subject to certain levels of receivables and
inventories.
About Bowne
Bowne
& Co., Inc. (NYSE: BNE) provides shareholder and marketing communications services around the
world. Dealmakers rely on Bowne to handle critical transactional communications with speed and
accuracy. Compliance professionals turn to Bowne to prepare and file regulatory and shareholder
communications online and in print. Investment managers and third party fund administrators count
on Bownes integrated solutions to streamline their document processes and produce high quality
communications for their shareholders. Marketers look to Bowne to create and distribute
customized, one-to-one communications on demand. With 2,800 employees in 50 offices around the
globe, Bowne has met the ever-changing demands of its clients for more than 230 years. For more
information, please visit www.bowne.com.
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