Cimpress Increases Credit Facility by $500 Million
VENLO, the Netherlands--(BUSINESS WIRE)--Jan 7, 2019--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.
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CONTACT: Investor Relations:
KEYWORD: EUROPE NETHERLANDS
INDUSTRY KEYWORD: TECHNOLOGY INTERNET SOFTWARE MANUFACTURING OTHER MANUFACTURING PROFESSIONAL SERVICES BANKING FINANCE COMMUNICATIONS MARKETING
SOURCE: Cimpress N.V.
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PUB: 01/07/2019 10:50 AM/DISC: 01/07/2019 10:50 AM