Press release from the issuing company
DUNDALK, Ireland--Cimpress plc, the parent company of VistaPrint and other leading print mass customization businesses, today announced the successful repricing of its $1,032 million USD tranche of its senior secured Term Loan B (“TLB”). In addition, Cimpress upsized the USD TLB tranche by $49 million and used the proceeds to prepay its entire €46 million Euro TLB tranche. Cimpress’ USD TLB tranche outstanding will be $1,081 million upon closing in mid December 2024.
Cimpress estimates these actions will reduce annualized cash interest expense by approximately $5 million compared to prior pricing. When combined with our May 2024 TLB repricing and related actions, the total annualized cash interest expense reduction on our TLB is approximately $11 million.
These actions are net leverage neutral and reduce the interest rate margin applicable to the USD TLB tranche by 50 basis points to SOFR plus 2.50% from SOFR plus 3.00%.
No other material changes were made to the terms and conditions of the TLB. The maturity date for the U.S. tranche of the TLB remains May 17, 2028.
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