SAN ANTONIO – M&F Worlwide said yesterday its Clarke American unit has agreed to buy back $175 million in 11.75% senior notes as part of acquisition of John H. Harland Co., and the combination of the two check-printing operations. Clarke American is soliciting consent from the bondholders to eliminate all restrictive covenants and default provisions of the notes. The cash offer for the notes will expire April 18. M&F, the vehicle for corporate raider Ron Perelman, is in the process of acquiring Harland for $1.7 billion. The combination of the two check printing operations will create the nation’s largest check printer.
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