Cimpress takes $1.15 billion loan to repay old debt

Vistaprint parent Cimpress plc announced plans to raise a senior secured Term Loan B of approximately $1.15 billion to repay existing secured debt and bring liquidity onto the balance sheet. The secured Term Loan B is expected to consist of a $795 million USD tranche and a €300 million EUR tranche, both due 2028. Cimpress plans to use the new debt to redeem all of its 12% second lien notes due 2025, repay amounts drawn under its revolving credit facility, and repay all borrowings in respect of the Term Loan A under its secured credit facility. The Term Loan A will terminate and Cimpress will retain a $250 million revolving credit facility maturing in 2026.

“It’s a good time to proactively implement this flexible capital structure,” said Sean Quinn, chief financial officer. “This transaction facilitates our refinancing of the second lien debt we secured at the height of pandemic uncertainty and allows us to lower our weighted average cost of debt, diversify and expand our lender base by accessing the institutional loan market in Europe and the United States, and extend the maturity profile of our secured debt.”

Preliminary third-quarter 2021 financial results

Cimpress’ results of operations for the three months ended March 31, 2021, have not been finalized and remain subject to change; but  Cimpress’ preliminary third-quarter results are expected to be:

  • Total revenue of $579 million, a 3% year-over-year decline.
  • Operating loss of $16 million.
  • Adjusted EBITDA of $55 million.
  • Total debt of $1,341 million, cash and cash equivalents of $36 million, and unused revolver of $516 million as of March 31, 2021.

Preliminary results per segment are:

Preliminary Year-Over-Year Reported Revenue Change

January-February 2021

March 2021

Q3 FY2021









The Print Group




National Pen




All Other Businesses








Cimpress revenue results continue to vary by product line and region. We have begun to see recovery in the parts of the world where pandemic restrictions have been lifted or are less severe. For example, preliminary Vistaprint bookings in Australia grew approximately 10% for the third quarter, while bookings across European countries declined by approximately 7%; likewise, bookings from customers in less restricted U.S. states such as Florida, Texas, and Georgia are recovering more quickly compared to bookings in U.S. states such as California, Pennsylvania, or New York that have been more restricted.

“Amidst the on-going pandemic, we see much reason for optimism,” said Robert Keane, founder, chairman and CEO. “Over the past year, we have demonstrated the variable nature of our cost structure, made permanent cost reductions and managed our liquidity prudently. Our team members answered a call for rapid new product introduction, and we continued to invest organically and inorganically to position our businesses to thrive as we come out of the pandemic. Though many small businesses continue to be impacted by local restrictions, small business formation has been resilient, and millions of people around the world are being vaccinated every day. We may continue to see some bumps in the road in the near term, but we are increasingly confident based on recent trends and we have an opportunity to continue growing our market share leveraging the investments we have made over recent years including through the pandemic.”

Cimpress expects to announce its full third-quarter fiscal year 2021 financial results on April 28.