New Issue: Cadmus Communications $125 million 10-year notes yield 8 3/8%

By Paul A. Harris

St. Louis, June 9 - Cadmus Communications Corp. priced $125 million of 10-year senior subordinated notes (B2/B) at par on Wednesday to yield 8 3/8%, according to market sources.

Price talk was 8 3/8% to 8½%.

Wachovia Securities and Banc of America Securities ran the books on the Rule 144A issue. The co-managers were BNP Paribas and Harris Nesbitt.

Proceeds will be used to fund the tender/redemption of the company's 9¾% senior subordinated notes.

The issuer is a Richmond, Va., provider of graphic communications and content processing services.

Issuer:	Cadmus Communications Corp.
Amount:	$125 million
Maturity:	June 15, 2014
Security description:	Senior subordinated notes
Bookrunners:	Wachovia Securities, Banc of America Securities
Co-managers:	BNP Paribas, Harris Nesbitt
Coupon:	8 3/8%
Price:	Par
Yield:	8 3/8%
Spread:	357 basis points
Call features:	Callable after June 15, 2009 at 104.188, 102.792, 101.396, par on or after June 15, 2012
Equity clawback:	Until June 15, 2007 for 35% at 108.375
Pricing date:	June 9
Settlement date:	June 15
Ratings:	Moody's: B2
	Standard & Poor's: B
Price talk:	8 3/8%-8½%

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