Exhibit 99.1
Bowne & Co., Inc.
55 Water Street
New York, NY 10041
(212) 924-5500
Fax: (212) 658-5871
55 Water Street
New York, NY 10041
(212) 924-5500
Fax: (212) 658-5871
NEWS RELEASE
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Investor Relations Contact: John J. Walker SVP & Chief Financial Officer 212-658-5804 john.walker@bowne.com |
Media Contact: Pamela Blum Director of Corporate Communications 212-658-5884 pamela.blum@bowne.com |
FOR IMMEDIATE RELEASE
BOWNE
AMENDS AND EXTENDS ITS $150 MILLION CREDIT FACILITY THROUGH MAY 2011
Retains total
committed amount of original credit facility
NEW
YORK, April 2, 2009 — Bowne & Co., Inc. (NYSE:
BNE), a global leader in shareholder and
marketing communications services, today announced it has entered into an Amended and Restated
Credit Agreement. The Amended Facility retains the total committed amount of
the original facility –$150 million – and extends the
terms of the facility to May 2011. J.P.
Morgan Securities, Inc. and Bank of America, NA were Joint Lead Arrangers for the Amended Facility.
“Given the current credit environment, we’re extremely pleased that we have amended and extended
our credit facility,” said Dave Shea, Chairman and Chief Executive Officer. “We believe we have a
strong business strategy in place, and the support we’ve received from our bank group further
solidifies our optimism as we look toward the future. Our credit facility provides us with
flexibility to manage through the current recessionary environment and positions us to capture
revenue opportunities quickly when the markets return.”
The
Facility has been restructured as an asset-based loan consisting of Term Loans of $27.0
million and a Revolving Credit Facility of $123.0 million
(“Revolver”).The $27.0 million Term Loans will
amortize in quarterly installments and have an interest rate based on
the London InterBank Offered Rate (“LIBOR”) plus 4.25% in the case of Eurodollar loans, or a base rate plus 3.25% in the case of Base Rate
loans.
The $123.0 million Revolver has 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.
The
facility is subject to customary covenants including a fixed charge
coverage ratio, as well as a restriction on cash dividends.
The Company originally announced that it had received bank commitments to amend and extend its
credit facility on March 19, 2009. All closing conditions have been met, and the amendment and
extension was finalized on March 31, 2009. Further information on the Amended and Restated Credit
Agreement will be available in the Company’s Form 8-K, which will be filed with the Securities and
Exchange Commission.
About Bowne & Co., Inc.
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 Bowne’s 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 3,000 employees in 55 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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