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Cimpress Announces Closing of $1.16 Billion Term Loan B and Redemption of Second Lien Notes
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Cimpress plc (Nasdaq: CMPR) has closed its previously announced $1.16 billion senior secured Term Loan B (the “Term Loan B”). In conjunction with this transaction, Cimpress redeemed all of the $300 million aggregate principal amount of its 12% second lien notes due 2025, which it issued one year ago during the height of pandemic uncertainty. Additionally, Cimpress’ Term Loan A due 2024 has been repaid and terminated and Cimpress repaid all amounts drawn under its revolving credit facility.
As previously disclosed, the Term Loan B consists of a $795 million USD tranche and a €300 million EUR tranche, both of which will mature in 2028. The USD tranche bears interest at LIBOR (with a LIBOR floor of 0.50%) plus 3.50%. The EUR tranche bears interest at EURIBOR (with a EURIBOR floor of 0%) plus 3.50%.
After giving effect to the transactions, Cimpress’ debt structure will primarily consist of a $250 million secured revolving credit facility maturing in 2026 (currently undrawn), the new Term Loan B, and $600 million aggregate principal amount of 7% senior notes due 2026. Cimpress has ample liquidity and is not subject to any quarterly leverage-based financial maintenance covenants unless a drawn balance exists on its revolving credit facility at the end of any quarter.
About Cimpress
Cimpress plc (Nasdaq: CMPR) invests in and builds customer-focused, entrepreneurial, mass-customization businesses for the long term. Mass customization is a competitive strategy which seeks to produce goods and services to meet individual customer needs with near mass production efficiency. Cimpress businesses include BuildASign, Drukwerkdeal, Exaprint, National Pen, Pixartprinting, Printi, Vistaprint and WIRmachenDRUCK. To learn more, visit http://www.cimpress.com.
Cimpress and the Cimpress logo are trademarks of Cimpress plc or its subsidiaries. All other brand and product names appearing on this announcement may be trademarks or registered trademarks of their respective holders.
cimpress (nasdaq: cmpr) is the world leader in mass customization. our unmatched technology, production and supply chain operations allow us to offer products that can be personalized by an individual customer and manufactured on demand: easily, with great quality, and at affordable prices. whether its customized apparel, marketing materials for a business, or personalized photo products commemorating cherished family moments, we are making customized products accessible and affordable to everyone. cimpress’ goes to market in more than 30 different countries across the globe via a portfolio of brands that serve consumers, small businesses, graphic designers and print resellers. today there are 18 brands in that portfolio including vistaprint, albelli, drukwerkdeal, pixartprinting, exaprint and others. cimpress was founded 20 years ago by robert keane in the spare bedroom of his apartment in paris. today, robert continues to lead the company, now $1.5 billion in revenue with 17 mill
