Cenveo accepts tenders for 97% of 9 5/8% notes due 2012

By Jennifer Chiou

New York, June 23 - Cenveo, Inc. announced its wholly owned subsidiary, Cenveo Corp., accepted tenders from holders of $339.502 million or 97% of its $350 million of 9 5/8% senior notes due 2012.

The tender ended at midnight ET on June 22. It began on May 18.

For each $1,000 principal amount of notes, the company said it will pay $1,074.26, which is the present value of $1,048.13 - the redemption price for the notes on March 15, 2007, the earliest call date - discounted using the yield to maturity on the 3 3/8% Treasury due Feb. 28, 2007 plus 50 basis points. The payout includes a $30.00 consent payment for those who tendered before the consent deadline.

Pricing was fixed at 2 p.m. ET on June 9. The reference yield was 5.142% and the tender yield was 5.642%.

On June 2, the Englewood, Colo.-based commercial printing company received from tenders from holders of $330.9 million or 94.5% of the notes, making up the required consents to amend the note indenture, eliminating substantially all the restrictive covenants and events of default. The consent deadline was 5 p.m. ET on June 1.

The company executed a supplemental indenture.

The offer was conditioned upon tenders from holders of a majority of notes and the receipt of debt financing.

D.F. King and Co., Inc. is the information agent (call collect 212 269-5550 or 888 542-7446). Banc of America Securities LLC (call collect 704 388-4813 or 888 292-0070) and Wachovia Securities (call collect 704 715-8341 or 866 309-6316) are the dealer managers and solicitation agents.

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