S&P Puts Cenveo Credit Rating on Negative Watch

If the notes are not fully repaid by June 1, 2013, the maturity date of the revolving credit facility and term loan will be accelerated to Sept. 2, 2013. As of the company's second quarter earnings call on Aug. 9, 2012, $98.5 million of the 7.875 percent senior unsecured notes remained outstanding.

Over the next year, S&P expects Cenveo's leverage to remain high and liquidity to remain limited, with significant debt maturities in 2013. Thus, it consider Cenveo's financial profile “highly leveraged,” based on S&P criteria.