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August 31, 1988

ANACOMP COMPLETES TENDER OFFER FOR XIDEX CORP.

By CBR Staff Writer

Anacomp Inc, Indianapolis has completed its $9.25 a share, $370m, tender offer for Xidex Corp, receiving acceptances with respect to more than 95% of the shares: Anacomp has raised $300m for the acquisition in the form of bank loans from a syndicate led by Citibank, plus $250m in bonds that sound more like garbage than mere junk – 13% increasing-rate senior subordinated notes placed by Drexel Burnham Lambert Inc, which Anacomp plans to refinance after its year-end audit.

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