Cenveo sets talk for $175 million eight-year notes at 10½%-10¾%

By Paul A. Harris

St. Louis, June 4 - Cenveo Corp. set price talk for its $175 million offering of eight-year senior unsecured notes (expected B2/confirmed BB-) at 10½% to 10¾% on Wednesday, according to an informed source.

The books close early Thursday afternoon except for Boston accounts.

Pricing is expected thereafter.

Lehman Brothers has the books for the bridge refinancing deal, which is being marketed via Rule 144A with registration rights and via Regulation S.

The notes will come with four years of call protection as well as a three-year 35% equity clawback and a change-of-control put at 101.

The bridge, which Cenveo expects to retire with the proceeds from the notes sale, was incurred in connection with the company's acquisition of Commercial Envelope Manufacturing Inc.

The prospective issuer is a Stamford, Conn.-based commercial printing company and direct-mail envelope manufacturer.

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