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Workflow Management gets $115 million credit facility proposal from LaSalle
By Sara Rosenberg
New York, March 29 - Workflow Management Inc. secured a proposal from LaSalle Business Credit LLC for a new $115 million three-year credit facility, according to an S 13D/A filed with the Securities and Exchange Commission on Monday.
The facility consists of a $100 million revolver and a $15 million term loan A, both priced with an initial interest rate of Libor plus 300 basis points.
This proposal from LaSalle replaces the previous proposal from Bank of America, in the identical amount, that was withdrawn last week.
Workflow has also received a formal proposal letter from Silver Point Finance LLC reaffirming its intent to provide a proposed $60 million junior term loan B on the same terms it had previously proposed in combination with Bank of America.
Pacific Coast Investment Partners LLC, a Workflow equity holder, is arranging the refinancing transactions in an attempt to defeat the agreement and plan of merger between Workflow and WF Holdings Inc., an entity formed and controlled by Perseus LLC and The Renaissance Group LLC.
Both the LaSalle and Silver Point proposals are subject to acceptance by Workflow, completion of due diligence, and other ordinary and customary conditions, which is expected to occur on or before April 30 concurrently with the previously announced proposed $30 million equity financing to be led by several current significant shareholders and conditioned on the seating of the additional seven directors previously proposed by Pacific Coast.
Workflow is a Palm Beach, Fla., provider of end-to-end outsource solutions for printing and other office consumables.
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