Cenveo ups total payout in tender offer for $165 million 10½% notes

By Susanna Moon

Chicago, March 12 - Cenveo Corp., a subsidiary of Cenveo, Inc., said it amended the cash tender offer to raise the purchase price for its outstanding $165 million of 10½% senior notes due 2016.

The total purchase price is now $1,052.50, including a $30.00 premium, for each $1,000 principal amount of notes tendered by the early tender deadline of 5 p.m. ET on March 13. The total payment was initially $1,010.00 for the 10½% notes.

The other offer terms remain unchanged, according to a company press release.

The company began cash tender offers on Feb. 29 for its outstanding 10½% notes as well as its $271,058,000 of 7 7/8% senior subordinated notes due 2013 and $23.22 million of 8 3/8% senior subordinated notes due 2014.

For each $1,000 principal amount, the total purchase price is $1,002.50 for the 7 7/8% notes and $1,002.50 for the 8 3/8% notes. The total amounts each include a $30.00 early tender premium for notes tendered by the early tender date.

Cenveo also will pay accrued interest to but not including the settlement date.

The tender offers will end at 5 p.m. ET on March 27. Tendered notes may be withdrawn by the early deadline.

Holders who tender their notes after the early date will be ineligible to receive the early premium.

The company expects to settle notes tendered by the early date and the offer expiration on the following respective business days, according to a previous press release.

The offers are conditioned on completion of debt financing with proceeds of at least $450 million, which would be used to help fund the tenders.

Cenveo said on March 8 that it would start a roadshow on Friday for a $450 million offering of senior notes due May 15, 2020.

Bank of America Merrill Lynch (888 292-0070 or collect 646 855-3401) and Morgan Stanley are the dealer managers. D.F. King is the depositary and information agent.

Cenveo is a Stamford, Conn.-based manager and distributor of print and related products and services.

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