Loan & DebtJun 4, 2026, 04:13 PM
Cimpress Secures $1.1B Term Loan B & $250M Revolving Credit Facility
AI Summary
Cimpress plc entered into an Amendment and Restatement Agreement, establishing a new senior secured credit facility. This includes a $1.1 billion Term Loan B maturing on June 4, 2033, and a $250 million revolving credit facility maturing on June 4, 2031. The new agreement refinances all previously outstanding term loans, including the existing senior secured term loan facility due 2028, resulting in an approximately net leverage neutral transaction on a pro-forma basis.
Key Highlights
- Secured $1.1 billion senior secured Term Loan B with a maturity date of June 4, 2033.
- Secured $250 million senior secured revolving credit facility maturing on June 4, 2031.
- Refinanced all term loans outstanding under the prior credit agreement, including the 2028 facility.
- Term Loan B bears interest at SOFR (0.00% floor) plus 2.50% and was issued at 99.75% of par.
- Revolving Credit Facility interest at SOFR (0.00% floor) plus 2.25% to 3.00% based on leverage ratio.
- Refinancing was approximately net leverage neutral on a pro-forma basis.
- The Restated Credit Agreement includes customary covenants and a financial maintenance covenant for the Revolving Credit Facility.
Price Impact
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