S&P Revises Cenveo Outlook to Negative

Earlier this month, the company launched a $450 million senior unsecured note transaction with the intention of partially funding tender offers for its 7.875 percent notes due 2013 ($271 million outstanding), its 10.5 percent notes due 2016 ($23 million outstanding), and its 8.375 percent notes due 2014 ($165 million outstanding), as well as related fees and expenses. The offering has been downsized to $225 million. In addition, the company now plans on issuing up to $86.25 million of convertible notes. Cenveo still intends to use the proceeds of the revised offerings to fund tender offers for the 2013, 2016, and 2014 notes. However, the company will now only pay down $120 million of the notes due 2013, leaving $151 million maturing in 2013.