American Reprographics completes bond offering

Found on Reuters.com this morning.........

American Reprographics Company Closes Bond Offering
9:00am EST, Dec 2, 2010

American Reprographics Company announced that on December 1, 2010, it completed a private offering of senior unsecured notes due December 15, 2016, in the aggregate principal amount of $200 million (the Notes). The Notes are senior unsecured obligations of the Company, and bear an interest rate of 10.5% per annum, payable semi-annually on June 15 and December 15 through the maturity date. The Notes were priced at 97.824% of par, creating a yield at issuance of 11%, and contain an optional call provision dated December 15, 2013. The Company used the net proceeds from the offering to repay its existing credit facility which was due to expire in 2012. The transaction was led by BoA Merrill Lynch, with J.P. Morgan and Wells Fargo Securities also participating as joint book-running managers. Citi was a co-manager on the transaction. Concurrent with the offering, the Company also entered into a new five-year, $50 million revolving credit line with Wells Fargo Bank with normal and customary terms and conditions.