Cadmus Completes Amendment to Senior Bank Credit Agreement
Press release from the issuing company
RICHMOND, Va., June 24 - Cadmus Communications announced that it has successfully completed an amendment of its senior bank credit agreement which matures on March 31, 2004. The amendment adds flexibility for the Company primarily in connection with total leverage covenants. In addition, the Company reduced its revolving credit commitment from $105 million to $78 million, which equals the total amount previously available for borrowing. The Company had $22.6 million in borrowings under the senior bank credit facility at March 31, 2002. The lower commitment will reduce annual commitment fees by $0.2 million and will require a write-off of $0.3 million in deferred loan costs in June 2002.
Stephen E. Hare, executive vice president and chief financial officer, said, "We have been successful in reducing our debt during this fiscal year which, in combination with this amendment, provides the Company with additional financial flexibility to support future growth."
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