Cimpress Increases Credit Facility by $500 Million
VENLO, the Netherlands–(BUSINESS WIRE)–Cimpress N.V. (Nasdaq: CMPR) announced today that it has signed an
amendment expanding its existing credit facility by an additional $500
million. The increase brings the total amount of the credit facility to
$1,613 million, consisting of $526 million of outstanding term loans and
a $1,087 million revolver. The terms and covenants of the credit
facility remain unchanged. The company is expanding the credit facility
to further strengthen its financial flexibility as it continues to
execute on its strategy and capital allocation opportunities.
Sean Quinn, Cimpress’ executive vice president and chief financial
officer, said, “We are very pleased with the participation and interest
in upsizing our credit facility and appreciate the continued support
from our banking group. 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.”
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.
About Cimpress
Cimpress N.V. (Nasdaq: CMPR) invests in and
builds customer-focused, entrepreneurial, mass-customization businesses
for the long term. Mass customization is a competitive strategy that
seeks to produce goods and services to meet individual customer needs
with near mass production efficiency. Cimpress businesses include
BuildASign, Drukwerkdeal, Exaprint, National Pen, Pixartprinting,
Printi, Vistaprint and WIRmachenDRUCK. To learn more, visit http://www.cimpress.com.
Cimpress and the Cimpress logo are trademarks of Cimpress N.V. or its
subsidiaries. All other brand and product names appearing on this
announcement may be trademarks or registered trademarks of their
respective holders.
This press release contains statements about the company’s future
expectations, plans, and prospects of its business that constitute
forward-looking statements for purposes of the safe harbor provisions
under the Private Securities Litigation Reform Act of 1995, including
the company’s expectations for the growth and development of its
business, investments, revenue, and EBITDA and the expected effects of
the credit facility expansion. Forward-looking expectations are
inherently uncertain, are based on assumptions and judgments by
management, and may turn out to be wrong. The company’s actual results
may differ materially from those indicated by the forward-looking
statements in this press release as a result of various important
factors, including but not limited to the company’s failure to execute
its strategy; its inability to make the investments in its business that
it plans to make or the failure of those investments to achieve the
results the company expects; unanticipated changes in the company’s
markets, customers, or business; the company’s failure to manage the
growth and complexity of its business; the company’s failure to maintain
compliance with the covenants in its senior secured revolving credit
facility and senior unsecured notes or to pay its debts when due;
competitive pressures; general economic conditions; and other factors
described in Cimpress’ Form 10-Q for the fiscal quarter ended
September 30, 2018 and the other documents the company periodically
files with the U.S. Securities and Exchange Commission.
In addition, the forward-looking statements in this press release
represent the company’s expectations and beliefs as of the date of this
press release, and subsequent events and developments may cause these
expectations and beliefs to change. The company specifically disclaims
any obligation to update any forward-looking statements. These
forward-looking statements should not be relied upon as representing the
company’s expectations or beliefs as of any date subsequent to the date
of this press release.
Contacts
Investor Relations:
Jenna Marvel
ir@cimpress.com
+1.781.652.6480
Media Relations:
Paul McKinlay
mediarelations@cimpress.com
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