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Cenveo Amends Credit Agreement

Tuesday, April 28, 2009

Press release from the issuing company

STAMFORD, CT -- Cenveo, Inc. today announced that it has amended certain terms of its credit agreement. The changes will provide the Company with increased financial flexibility to navigate through this period of economic uncertainty and volatility.

The amendment provides for:

- a higher maximum leverage ratio,

- a lower minimum interest coverage ratio, and

- a modification of the definition of EBITDA to permit the add back of cash restructuring, integration, impairment, and related fees and expenses for financial covenant purposes.

Under the newly amended credit agreement, the Company's Maximum Consolidated Leverage Ratio with which it must be in pro forma compliance at all times, has been increased to 6.25x through March 31, 2010. The maximum permitted threshold then proceeds to step down four times until reaching 4.75x from July 1, 2011 through the end of the term of the credit agreement. The Company's Minimum Consolidated Interest Coverage Ratio has been reduced to 1.85x through December 31, 2009. The minimum permitted threshold then proceeds to step up to three times until reaching 2.50x for the first fiscal quarter 2011 through the end of the term of the credit agreement. Additionally, the definition of Consolidated Adjusted EBITDA used in the two financial covenant calculations will be modified to permit the add back of $50.0 million in the aggregate;

$25.0 million each in fiscal 2009 and 2010, of cash restructuring, integration, impairment, and related fees and expenses.

Robert G. Burton, Cenveo's Chairman and Chief Executive Officer, stated:

"We are pleased with this strong vote of confidence from our lender group and thank them for their continued support. This amendment will provide the Company increased financial flexibility as we continue to operate our businesses during this period of economic uncertainty, while at the same time allowing Cenveo to continue its growth strategy. I continue to remain highly optimistic that our diverse portfolio of niche products, our strong cash flow, and our experienced management team will allow us to continue to deliver the results that our customers and investors expect."

Additional information concerning changes to the financial covenant ratios, pricing and other changes to the credit agreement, including the entire credit agreement amendment, can be found in the Company's related Form 8-K, that will be filed today with the Securities and Exchange Commission.




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