Vistaprint postpones $250 million notes offer due to market conditions

By Paul A. Harris

Portland, Ore., Sept. 12 – Vistaprint NV postponed its $250 million offering of seven-year senior notes (B2/B) citing market conditions, on Friday, according to a press release from the company.

Although formal price talk never surfaced, the deal came with early guidance in the low 6% context, according to a market source.

The Netherlands-based provider of advertising and marketing merchandise planned to use the proceeds to repay bank debt.

“While we are interested in adding to and diversifying our capital structure in order to maintain long-term flexibility, we can afford to be patient, as this offering was opportunistic in nature,” Ernst Teunissen, executive vice president and chief financial officer, stated in the Friday press release.

“Given current volatility in debt markets, we prefer to postpone our offering at this time. We will potentially revisit an offering in the future if market conditions become more favorable.”

J.P. Morgan Securities LLC, MUFG, SunTrust Robinson Humphrey and Santander were the joint bookrunners for the notes offering. Fifth Third Bank, HSBC and RBS Securities were the senior co-managers.

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