American Reprographics in process of raising money through an offering of notes

BofA, JPMorgan, Wells Fargo handle American Reprographics debt sale
(This short news article was found on SmartTrading.com, Posted on: Wed, 24 Nov 2010 10:27:10 EST)

24 November 2010 - Bank of America Merrill Lynch, JPMorgan (NYSE: JPM) and Wells Fargo (NYSE: WFC) acted as book-runners for American Reprographics Company's (NYSE: ARP) private placement of $200,000,000 senior notes, Reuters reported.

The transaction, which was carried out on Tuesday, was downsized from the initially planned $220,000,000, Reuters added.

The notes were set a 10.5% coupon and were priced at 97.824% to yield 11%. The coupon is payable on a semi-annual basis from 15 June 2011 until the maturity on 15 December 2016.

The deal is scheduled to settle on 1 December 2010. Standard and Poor's and Moody's assigned the issue BB- and B1 ratings, respectively.