Interim CEO Heads Workflow Management
Workflow's new credit agreement consists of three separate facilities: a 30-month revolving credit facility of approximately $100 million; a 30-month, $30 million senior term loan that will be paid down over its term; and a one-year, $50 million term loan. The blended LIBOR-based interest rate on the new facilities will be approximately nine percent.
The new credit agreement is an outgrowth of Workflow's business plan that was delivered to the banks in accordance with the terms of the company's most recent credit facility amendment.
In addition, Steve Gibson, executive vice president of Workflow and president of the printing division, has elected to pursue other opportunities and has resigned as an officer and board member.