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Cenveo accepts $20.875 million of Cadmus' 8 3/8% notes at early deadline
By Jennifer Chiou
New York, March 19 - Cenveo Corp. said it accepted for purchase $20.875 million of notes in the tender offer for the $125 million 8 3/8% senior subordinated notes due 2014 of Cadmus Communications Corp. at the early deadline of 5 p.m. ET on March 16.
The company was soliciting consents to amend the note indenture to eliminate substantially all of the restrictive covenants and some events of default, but said it will no longer make the proposed amendments and will waive the condition that it receive tenders from a majority of noteholders.
The tender offer will expire at 5 p.m. ET on March 30.
Cenveo will pay $1,015.00 per $1,000 principal amount of notes plus accrued interest to the payment date.
The tender consideration includes a consent fee of $10.00 per $1,000 principal amount of notes tendered by the early deadline.
Noteholders may not tender their notes without delivering consents and vice versa.
The tender offer and consent solicitation are subject to the satisfaction of conditions that include the consummation of the merger of Cadmus with Cenveo Corp.'s parent company, Cenveo Inc.
Wachovia Securities (704 715-8341 or 866 309-6316) and JPMorgan (212 270-3994) are the dealer managers and solicitation agents for the tender offer and consent solicitation, and MacKenzie Partners, Inc. (212 929-5500 or 800 322-2885) is the information agent.
Cenveo, Inc. is a provider of print and visual communications based in Stamford, Conn.
Cadmus is a Richmond, Va., provider of end-to-end integrated graphic communications and content processing services to professional publishers, not-for-profit societies and corporations.
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