If it prints correctly, it's just a limitation of the font display. Alternatively, since you say you cannot reduce the line spacing, your only other practical option would be to reduce the font size. The impractical alternative would be to create transparent, borderless, textboxes for each line - vertically positioned where you want them, and add the text to those.

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Cheers,
Paul Edstein
[Fmr MS MVP - Word]