Cimpress Announces Offering of $525 Million of Senior Notes Due 2032
September 11 2024 - 9:14AM
Business Wire
Cimpress plc (Nasdaq: CMPR) today announced it has commenced,
subject to market conditions, a private offering (the “Offering”)
of $525.0 million in aggregate principal amount of senior notes due
2032 (the "notes").
Concurrently with the consummation of the Offering, we intend to
amend our existing credit agreement to, among other things, extend
the maturity of our revolving credit facility and amend the
interest rate applicable to any loans under our revolving credit
facility (the “Credit Agreement Amendment”).
We intend to use the net proceeds of this offering, together
with cash on hand, to fund the redemption of all of our existing
7.0% Senior Notes due 2026 and to pay all related fees and expenses
related to the Offering and the Credit Agreement Amendment. The
transaction is expected to be leverage neutral other than covering
the full amount of transaction fees. The consummation of the
Offering is not contingent upon the closing of the Credit Agreement
Amendment and the closing of the Credit Agreement Amendment is not
contingent upon the consummation of the Offering.
The notes have not been registered under the Securities Act of
1933, as amended (the “Securities Act”), and may not be offered or
sold in the United States absent registration or an applicable
exemption from the registration requirements of the Securities Act,
and other applicable securities laws. Within the United States, the
notes will only be offered to persons who are reasonably believed
to be “qualified institutional buyers,” as defined in Rule 144A
under the Securities Act. Outside the United States, the notes will
only be offered to persons other than “U.S. persons,” as defined in
Rule 902 under the Securities Act, in offshore transactions in
reliance upon Regulation S under the Securities Act.
This press release is neither an offer to sell nor the
solicitation of an offer to buy the notes or any security and shall
not constitute an offer, solicitation or sale in any jurisdiction
in which such offer, solicitation or sale is unlawful.
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 Offering, the Credit Agreement Amendment
and the intended use of proceeds of the Offering. These statements
involve risks and uncertainties that may cause results to differ
materially from the statements set forth in this press release,
including market conditions and the risks and uncertainties
referenced from time to time in the Company’s filings with the
Securities and Exchange Commission. 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.
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, Drukwerkdeal, Exaprint,
National Pen, Packstyle, Pixartprinting, Printi, VistaPrint, and
WIRmachenDRUCK.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240910274594/en/
Investor Relations: Meredith Burns ir@cimpress.com
+1.781.652.6480 Media Relations: Sara Litwiller
mediarelations@cimpress.com
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