DUNDALK, Ireland--Cimpress plc, the parent company of VistaPrint and other leading print mass customization businesses, today announced the successful repricing of its $773 million USD tranche of its senior secured Term Loan B (“TLB”). In addition, Cimpress upsized the USD TLB tranche by $264 million and used the proceeds to prepay the majority of its Euro TLB tranche. Cimpress’ USD TLB tranche is now $1,037 million, and the Euro tranche is €46 million. Cimpress executed a cross-currency swap concurrent with the upsizing and repricing of the USD TLB tranche in order to maintain the lower base rate and currency mix previously in place with the Euro TLB tranche.

Cimpress estimates these actions will reduce annualized cash interest expense by approximately $6 million compared to prior pricing.

These actions are net leverage neutral, reduce the interest rate margin applicable to the USD TLB tranche by 50 basis points to SOFR plus 3.00% from SOFR plus 3.50%, and remove the credit spread adjustment on the USD TLB tranche, which was previously 11 basis points for one-month interest periods. The reduced Euro TLB tranche has an unchanged interest rate of EURIBOR plus 3.50%.

No other material changes were made to the terms and conditions of the TLB. The maturity date for both tranches of the TLB remains May 17, 2028.