Daily News: August 5, 2013

BofA Arranges $125MM ABL Facility for Standard Register

Standard Register announced it has acquired WorkflowOne in a transaction valued at $218 million, financed by assuming $210 million of long-term debt and the issuance of warrants with an estimated value of $8 million.

The company said in conjunction with the transaction, it has completed an early renewal and an expansion of its credit facility. The company entered into a five-year $125 million senior-secured asset-based credit facility that provides additional liquidity and the ability to capitalize on opportunities to grow the company.

The new facility amends and extends the existing credit facility, which was due to mature on March 31, 2014. The facility is secured by the company’s existing and future working capital assets. Proceeds will be used for financing working capital, expanding investment and for general corporate purposes of the newly combined company. Bank of America is the lead arranger for the credit facility.

Both companies are headquartered in Dayton, OH, with software development, traditional and digital printing and distribution facilities throughout the U.S. and in Canada and Mexico.

Standard Register serves many of the largest healthcare and commercial organizations with a portfolio of technology-enabled multi-channel communication and marketing solutions supported by a nationwide printing, kitting and distribution network.

WorkflowOne provides printing, document management, distribution and marketing services to a large customer base. The combined company has 4,000 employees, including 920 in Dayton.

“We have engaged AlixPartners to help us with integration planning and synergy alignment. They provided valuable counsel for our strategic restructuring and have a deep understanding of our company and markets,” Standard Register CEO Joseph P. Morgan, Jr., said.