Cimpress increases credit facility by $500 million to $1.61 billion

By Sarah Lizee

Olympia, Wash., Jan. 7 – Cimpress NV expanded its existing credit facility by an additional $500 million, according to a press release.

The increase brings the total amount of the credit facility to $1,613,000,000, consisting of $526 million of outstanding term loans and a $1,087,000,000 revolver.

The terms and covenants of the credit facility are unchanged, the company said.

Cimpress said it expanded the credit facility to further strengthen its financial flexibility as it continues to execute on its strategy and capital allocation opportunities.

“While this expansion is not for a specific use, we do expect to continue to grow our revenue and EBITDA in the future, and we value having the balance sheet flexibility and capacity to act on attractive capital allocation opportunities when they arise,” Sean Quinn, executive vice president and chief financial officer, said in the release.

The funding increase was provided by both existing members of the bank group who expanded their share of the credit facility, as well as new banks who were not involved in the initial facility.

Cimpress is a Venlo, Netherlands-based supplier of printed and promotional material and marketing services.

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