| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for Cimpress NV > News item |
Cimpress extends facility, ups revolving commitments, lowers pricing
By Tali Rackner
Minneapolis, June 18 – Cimpress NV and subsidiaries Vistaprint Ltd., Cimpress Schweiz GmbH, Vistaprint BV and Cimpress USA Inc. entered into an amendment to their senior credit agreement on Thursday to extend all loans under the credit agreement to June 14, 2023 and increase the lenders’ total revolving loan commitments to $839,421,879 from $745 million, according to an 8-K filing with the Securities and Exchange Commission.
Interest was lowered to Libor plus 137.5 basis points to 200 bps, depending on leverage, from Libor plus 150 bps to 225 bps previously.
The commitment fee was decreased to 35 bps from 40 bps.
In addition, the amendment increases the maximum leverage ratio to 4.75 times from 4.5 times and provides that Cimpress may, on no more than three occasions during the term of the credit agreement, increase the leverage ratio to up to 5 times (previously 4.75 times) for up to four consecutive fiscal quarters after a corporate acquisition that meets some criteria.
The facility continues to include an up to $250 million accordion feature.
There are no other changes to the term loans under the credit agreement, of which $288.75 million remained outstanding as of March 31.
JPMorgan Chase Bank, NA is the administrative agent on the deal. JPMorgan, MUFG Union Bank, NA, SunTrust Robinson Humphrey, Inc. and Bank of America Merrill Lynch acted as joint bookrunners and lead arrangers.
MUFG, SunTrust and Bank of America are the co-syndication agents, and Fifth Third Bank, HSBC Bank USA, NA and Citizens Bank, NA the co-documentation agents.
Cimpress is a Venlo, Netherlands-based supplier of printed and promotional material and marketing services.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.