Cadmus Communications Corporation has given notice to redeem, in full, its $6.4 million, 11.5% subordinated promissory notes, which were otherwise scheduled to mature on March 31, 2010. The redemption of the subordinated promissory notes will occur at 100% of the principal amount, plus accrued interest, and is scheduled to close on May 3, 2004. The company will repay the subordinated promissory notes under its $100 million senior bank credit facility at borrowings that are based on LIBOR plus a spread.
Cadmus Communications Corporation provides integrated graphic communications services to professional publishers, not-for-profit societies, and corporations. Cadmus is a provider of content management and production services to scientific, technical, and medical journal publishers, a printer of periodicals, and a provider of specialty packaging and promotional printing services.