Workflow Management modifies loan covenants to improve liquidity

By Sara Rosenberg

New York, May 1 - Workflow Management Inc. amended its credit facility, revising covenants so that it can implement its transformation plan as well as capitalize certain interest accruing to second-lien lenders in order to improve near-term liquidity, according to a news release.

In exchange, second-lien lenders will receive warrants to acquire a minority equity interest in the company.

Also, in conjunction with the amendment, lead equity sponsor, Perseus LLC, will make a further equity investment in the company.

Workflow Management is a Dayton, Ohio-based provider of end-to-end business management outsourcing services to commercial customers.

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