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Vertis Communications gets commitment for $380 million DIP, $650 million exit facility
By Sara Rosenberg
New York, July 10 - Vertis Communications has received commitments for a $380 million debtor-in-possession financing facility and a $650 million exit financing facility, according to a news release.
GE Commercial Finance provided the commitment for the debtor-in-possession financing facility and a $250 million senior secured revolver exit facility.
Morgan Stanley provided the commitment and will act as the lead arranger on a $400 million exit facility.
"These lending commitments from two top institutions reflect the continuing progress with our financial restructuring plan and merger with American Color Graphics," said Mike DuBose, chairman and chief executive officer, in the release. "The financing will provide appropriate liquidity during our restructuring and then fund the newly merged company."
Vertis Communications is a Baltimore-based provider of print advertising and direct marketing solutions to retail and consumer services companies. American Color Graphics is a Brentwood, Tenn.-based pre-media and print company.
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