Cenveo (CVO) Refinances Balance of 7.875% Notes
- Guess?, Inc. (GES) Misses Q2 EPS by 3c; Cuts FY15 Outlook
- Apple (AAPL) Could Deliver BIG at September Event with iWatch and 2 iPhone Models
- Williams-Sonoma, Inc. (WSM) Reports In-Line Q2 EPS; Guides FY14 EPS Below Expectations
- UPDATE: FBI Probing Russia Ties to JPMorgan (JPM) Hacking - Bloomberg
- Lannett (LCI) Tops Q4 EPS by 10c; Guides FY15 Revs Above Expectations
Cenveo Corporation, a wholly-owned subsidiary of Cenveo, Inc. (NYSE: CVO), completed the steps necessary to refinance the remainder of its 7.875% senior subordinated notes due 2013 ("7.875% Notes"). The Company received the necessary consents to amend and supplement its existing senior secured credit agreement to, among other things, (i) allow for up to $50 million of a new unsecured loan to be prepaid on substantially similar terms as its currently outstanding 7.875% Notes, and (ii) modify certain financial covenants for increased financial flexibility. Simultaneously, the Company raised an additional $15 million of secured term loans due 2016 ("Additional Term Loan") under its senior secured credit agreement. The Company also announced that it secured a commitment from Macquarie Capital for a $50 million unsecured term loan due 2017 ("Unsecured Loan"), subject to customary terms and conditions. Together with the company's revolving credit facility, proceeds of the Unsecured Loan will be used to fund the redemption of the 7.875% Notes. Lastly, the Company announced that it has initiated a mandatory and irrevocable redemption of the 7.875% Notes. The 7.875% Notes will be repaid at par plus accrued and unpaid interest on January 22, 2013.
You May Also Be Interested In
- UPDATE: Hillshire Brands (HSH), Tyson Foods (TSN) in Antitrust Settlement - Bloomberg
- Amgen's (AMGN) Ivabradine Receives Priority Review Designation from U.S. FDA
- Perma-Fix (PESI) Receives USPTO Notice of Allowance for Tc-99m-Related Patent
Create E-mail Alert Related CategoriesCorporate News
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!