Mail-Well Announces Full Pay Off of 5% Convertible Bonds
Press release from the issuing company
ENGLEWOOD, Colo., Nov. 1 -- Mail-Well, Inc., announced today that it has paid in full all of its outstanding 5% Convertible Subordinated Notes due November 1, 2002.
As of November 1, 2002, the Company had $142.5 million outstanding in principal and interest on the Notes. All of the Notes were paid in cash and payment has been wired to Bank of New York, the Trustee.
Paul Reilly, Chairman, President and CEO, stated, "As planned, our financial resources have allowed us to take care of this maturity in the normal course. We now have no further maturities on our debt until June of 2005, when our bank revolver facility will need to be renewed. Our capital structure affords us the financial stability and flexibility to develop our business going forward."
Mail-Well, until 2001, had specialized in four growing multibillion-dollar market segments in the highly fragmented printing industry: commercial printing, envelopes, prime labels and printed office products. Mail-Well currently has approximately 11,000 employees and more than 80 printing facilities and numerous sales offices throughout North America. The previously announced strategic plan will result in the company concentrating on its Envelope, Commercial Print and PrintXcel segments, where it already holds leading positions. The other segments have been exited. The company is headquartered in Englewood, Colorado.
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