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Cadmus Communications Completes Refinancing of $100 Million Credit Line

Thursday, January 29, 2004

Press release from the issuing company

RICHMOND, Va., Jan. 28 -- Cadmus Communications Corporation today announced the successful completion of the refinancing of its bank credit facility, which was to mature on March 31, 2004. The senior secured bank credit facility provides for a $100 million revolving credit facility that will mature in January 2008. The facility enhances the Company's ability to execute growth strategies by revising certain leverage covenants and permitting greater flexibility for the Company to make acquisitions and repay or refinance subordinated debt. The Company also terminated its accounts receivable securitization program concurrently with the refinancing. The senior secured bank credit facility will not be rated by Moody's Investors Service or Standard and Poor's, as the bank group did not require a rating for this facility. Both ratings agencies will continue to rate the Company's $125 million 9.75% senior subordinated notes, due in 2009. Paul K. Suijk, senior vice president and chief financial officer, remarked, "We appreciate the support of our bank group and the confidence they have in our operational and financial performance and our strategic direction. This facility will provide sufficient liquidity to meet our operating requirements for capital expenditures and working capital and support accelerated growth and entry into new content-rich markets."




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