Thu, Apr 17, 2014, 11:43 AM EDT - U.S. Markets close in 4 hrs 17 mins

Recent

% | $
Quotes you view appear here for quick access.

Cenveo Inc. Message Board

  • webmagic49 webmagic49 Jan 25, 2013 4:59 PM Flag

    Should have called a loan shark!

    Are you kidding me?

    Filing said, the $50 Million Unsecured Term Loan together with available cash and borrowings on its secured revolving credit facility were used to redeem, satisfy and discharge in full the Company's 7.875% senior subordinated notes due 2013 (the "7.875% Notes"), and to pay certain fees and expenses incurred in connection with the Unsecured Credit Agreement and the redemption, satisfaction and discharge of the 7.875% Notes.

    Their Unsecured Term Loan will bear interest at a rate of 15% per annum! They had to borrow money at 15% to pay off a 7.875% Note. Can you say, delaying the inevitable?

    Best management team in the business? F-off you greedy pigs!

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • These Institutional Investors need to wake up and see what kind of money is being sucked out of our cofers!

      Top Institutional Holders

      Holder
      Shares
      % Out
      Value*
      Reported

      ELM RIDGE MANAGEMENT LLC
      4,702,521
      7.38
      10,768,773
      Sep 29, 2012

      PRIVATE MANAGEMENT GROUP, INC.
      3,958,775
      6.21
      9,065,594
      Sep 29, 2012

      JP MORGAN CHASE & COMPANY
      2,938,308
      4.61
      6,728,725
      Sep 29, 2012

      VANGUARD GROUP, INC. (THE)
      2,916,308
      4.57
      6,678,345
      Sep 29, 2012

      BlackRock Institutional Trust Company, N.A.
      2,740,894
      4.30
      6,276,647
      Sep 29, 2012

      Ameriprise Financial, Inc.
      2,576,736
      4.04
      5,900,725
      Sep 29, 2012

      Brenner West Capital Advisors, LLC
      1,875,935
      2.94
      4,295,891
      Sep 29, 2012

      FIRST MANHATTAN COMPANY
      1,580,181
      2.48
      3,618,614
      Sep 29, 2012

      PARADIGM CAPITAL MANAGEMENT
      1,473,786
      2.31
      3,374,969
      Sep 29, 2012

      BlackRock Fund Advisors
      1,335,713
      2.09
      3,058,782
      Sep 29, 2012

      No one ever said that Iall nstitutional investors were smart.

    • Best part is by my calculations they wont pay down principal fast enough to avoid paying the 10% clause. By calcing out the payment schedule, CVO never gets to the threshold. CVO will be paying the 25% effective rate until the 1st payment in 2015. Only reason it goes away is that after the Nov 2014 stepdown the threshold is -0-. Great deal boys. What should have been a payment of $4,030,639.84 is now $4,858,415.62 for 8 payments. Macquarie has some smart folks over there. They get their extra 10% either way for 2 years. They effectively get a 9th payment. Then, as the second half of the loan starts, they still get to push for excess cash flow payments. Genius. Absolutely genius. Best Management Team in the business found a way to actually increase the effective rate on $50mil of borrowing 4x from 7.875 to 25%. Sure, its only for 8 quarters, but really does it matter?

      Atta boy! Rip some more stock off the old TP role. Cant wait for the instiutional investors to get their first year MBAs to analyze this mess. What a sham of financial management. I guess its good to get it behind the company, but christ at what cost? Oh yeah, who cares. With Debt Sales hovering around 1:1, the debt will never be paid off.

      See how long it takes S&P et al to revise the outlook back down on these deal terms. B Schools take note: Case Study in what not to do in progress.

    • Indeed web m! but just remember........they could charge whatever interest rate they want but that dosent mean they will ever collect! They probly borrowed an extra ten or twenty million to pay the trio package bonus for 2013! guess whos laughing all the way tgo the bank? What a shame

      Sentiment: Strong Buy

 
CVO
3.16+0.09(+2.93%)11:41 AMEDT

Trending Tickers

i
Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.