Dundalk, Ireland – Cimpress plc 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.

To learn more, visit http://www.cimpress.com.