Cimpress Successfully Completes Repricing of Term Loan B and Lowers its Cost of Capital
Cimpress (Nasdaq: CMPR) has successfully completed a repricing of its senior secured Term Loan B (TLB). The company upsized its USD TLB tranche by $49 million to $1,081 million and used the proceeds to prepay its €46 million Euro TLB tranche. The repricing reduces the interest rate margin by 50 basis points to SOFR plus 2.50% from SOFR plus 3.00%. These actions will reduce annualized cash interest expense by approximately $5 million. Combined with May 2024 TLB repricing, total annualized cash interest expense reduction is approximately $11 million. The maturity date remains May 17, 2028.
Cimpress (Nasdaq: CMPR) ha completato con successo un ribasso del prezzo del suo prestito senior garantito Term Loan B (TLB). L'azienda ha aumentato la sua tranche TLB in USD di 49 milioni di dollari, portandola a 1.081 milioni di dollari, e ha utilizzato i proventi per estinguere in anticipo la sua tranche Euro TLB di 46 milioni di euro. Il ribasso del prezzo riduce il margine del tasso d'interesse di 50 punti base, portandolo a SOFR più 2,50% rispetto a SOFR più 3,00%. Queste azioni porteranno a una riduzione della spesa per interessi in contante annualizzati di circa 5 milioni di dollari. Insieme al ribasso del prezzo del TLB di maggio 2024, la riduzione totale della spesa per interessi in contante annualizzati è di circa 11 milioni di dollari. La data di scadenza rimane il 17 maggio 2028.
Cimpress (Nasdaq: CMPR) ha completado con éxito una revalorización de su préstamo senior garantizado Term Loan B (TLB). La compañía aumentó su tramo de TLB en USD en 49 millones de dólares hasta 1.081 millones de dólares y utilizó los ingresos para prepagar su tramo de TLB en euros de 46 millones de euros. La revalorización reduce el margen de la tasa de interés en 50 puntos básicos, establecido en SOFR más 2,50% desde SOFR más 3,00%. Estas acciones disminuirán el gasto anualizado en intereses en efectivo en aproximadamente 5 millones de dólares. Combinado con la revalorización del TLB de mayo de 2024, la reducción total del gasto en intereses en efectivo anualizados es de aproximadamente 11 millones de dólares. La fecha de vencimiento sigue siendo el 17 de mayo de 2028.
씨엠프레스 (Nasdaq: CMPR)는 선순위 담보 대출인 Term Loan B (TLB)의 재가격 책정을 성공적으로 완료했습니다. 이 회사는 TLB 미화 4,900만 달러를 증액하여 10억 8,100만 달러로 늘리고, 그 수익금으로 4,600만 유로의 Euro TLB 미화 대출을 조기 상환했습니다. 재가격 책정으로 인해 금리 마진이 50bp 감소하여 SOFR + 2.50%로 하락했습니다. 이는 연간 현금 이자 비용을 약 500만 달러 줄이는 결과를 가져올 것입니다. 2024년 5월 TLB 재가격 책정과 합쳐지면 총 연간 현금 이자 비용 절감액은 약 1,100만 달러에 달합니다. 만기일은 2028년 5월 17일로 유지됩니다.
Cimpress (Nasdaq: CMPR) a réussi à réaliser une revalorisation de son prêt senior sécurisé Term Loan B (TLB). L'entreprise a augmenté sa tranche TLB en USD de 49 millions de dollars, portant ainsi son montant total à 1 081 millions de dollars, et a utilisé les bénéfices pour prépayer sa tranche Euro TLB de 46 millions d'euros. Cette revalorisation réduit la marge du taux d'intérêt de 50 points de base, la faisant passer de SOFR plus 3,00 % à SOFR plus 2,50 %. Ces actions permettront de réduire les frais d'intérêt en espèces annualisés d'environ 5 millions de dollars. Combiné avec la revalorisation du TLB de mai 2024, la réduction totale des frais d'intérêt en espèces annualisés est d'environ 11 millions de dollars. La date d'échéance reste le 17 mai 2028.
Cimpress (Nasdaq: CMPR) hat erfolgreich eine Neupreisgestaltung seines senior gesicherten Term Loan B (TLB) abgeschlossen. Das Unternehmen hat seine USD TLB-Tranche um 49 Millionen Dollar auf 1.081 Millionen Dollar erhöht und die Erlöse zur vorzeitigen Rückzahlung seiner 46 Millionen Euro Euro TLB-Tranche verwendet. Die Neupreisgestaltung reduziert die Zinsmarge um 50 Basispunkte auf SOFR plus 2,50% anstelle von SOFR plus 3,00%. Diese Maßnahmen werden die annualisierte Barzinsaufwendung um etwa 5 Millionen Dollar senken. In Kombination mit der Neupreisgestaltung des TLB im Mai 2024 wird die Gesamtreduktion der annualisierten Barzinsaufwendung auf etwa 11 Millionen Dollar geschätzt. Das Fälligkeitsdatum bleibt der 17. Mai 2028.
- Reduction in annualized cash interest expense by $5 million
- Total annualized interest expense savings of $11 million including May 2024 actions
- Interest rate margin reduced by 50 basis points
- Net leverage neutral transaction
- None.
Insights
DUNDALK,
Cimpress estimates these actions will reduce annualized cash interest expense by approximately
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
No other material changes were made to the terms and conditions of the TLB. The maturity date for the
About Cimpress
Cimpress plc (Nasdaq: CMPR) invests in and builds customer-focused, entrepreneurial, print mass-customization businesses for the long term. Mass customization is a competitive strategy which seeks to produce goods and services to meet individual customer needs with near mass production efficiency. Cimpress businesses include BuildASign, druck.at, Drukwerkdeal, easyflyer, Exaprint, National Pen, Packstyle, Pixartprinting, Printi, Tradeprint, VistaPrint, and WIRmachenDRUCK. To learn more, visit cimpress.com.
Cimpress and the Cimpress logo are trademarks of Cimpress plc or its subsidiaries. All other brand and product names appearing on this announcement may be trademarks or registered trademarks of their respective holders.
SAFE HARBOR STATEMENT:
Some of the statements in this press release are “forward-looking” and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These “forward-looking” statements include statements relating to, among other things, the cash interest expense savings we expect from the repricing actions in 2024.
These statements involve risks and uncertainties that may cause results to differ materially from the statements set forth in this press release, including but not limited to flaws in the assumptions and judgments upon which our forecasts and estimates are based; our failure to maintain compliance with the covenants in our debt documents and to pay our debts when due; general economic conditions; changes in interest rates; and other factors described in Item 1A (Risk Factors) of our Annual Report on Form 10-K for the 2024 fiscal year and subsequent documents we periodically file with the SEC.
The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241211822184/en/
Investor Relations:
Meredith Burns
ir@cimpress.com
+1.781.652.6480
Media Relations:
Sara Litwiller
mediarelations@cimpress.com
Source: Cimpress plc
FAQ
How much will Cimpress (CMPR) save annually from the latest TLB repricing?
What is the new interest rate margin for Cimpress's (CMPR) USD Term Loan B?
What is the total size of Cimpress's (CMPR) USD Term Loan B after the upsize?
When does Cimpress's (CMPR) Term Loan B mature?
What is the total interest expense reduction from both 2024 TLB repricings for CMPR?
