Cimpress Announces Plans to Raise A Senior Secured Term Loan B of Approximately $1.15 Billion
April 14, 2021 at 04:15 pm EDT
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Cimpress plc announced plans to raise a senior secured Term Loan B of approximately $1.15 billion to repay existing secured debt and bring liquidity onto the balance sheet. The company is providing third quarter fiscal year 2021 preliminary results to facilitate marketing the transaction. The secured Term Loan B is expected to consist of a $795 million USD tranche and a €300 million EUR tranche, both due 2028. Company plans to use the new debt to redeem all of its 12% second lien notes due 2025, repay amounts drawn under its revolving credit facility and repay all borrowings in respect of the Term Loan A under its secured credit facility. The transaction will be approximately net leverage neutral on a pro-forma basis. The second lien notes will be redeemed at the first call date in mid-May 2021. The Term Loan A will terminate and company will retain a $250 million revolving credit facility maturing in 2026.
Cimpress plc is focused on mass customization of printing and related products, via which it delivers volumes of individually small-sized customized orders. Its segments include Vista, PrintBrothers, The Print Group, National Pen and All Other Businesses. The Vista segment includes Vista, the parent brand of multiple offerings, including VistaPrint, VistaCreate, 99designs by Vista, Vista Corporate Solutions, and Depositphotos. The PrintBrothers segment includes its druck.at, Printdeal, and WIRmachenDRUCK businesses. The Print Group segment includes its Easyflyer, Exaprint, Pixartprinting, and Tradeprint businesses. The National Pen segment includes the global operations of its National Pen business, which manufactures and markets custom writing instruments and promotional products, apparel and gifts. The All Other Businesses segment includes two businesses grouped together based on materiality. Its products are marketing materials, business cards, signage, packaging and others.
CIMPRESS PLC 
