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Vistaprint amends and restates $500 million secured credit facility
By Jennifer Chiou
New York, Feb. 13 - Vistaprint NV entered into an amended and restated credit agreement on Feb. 8 with JPMorgan Chase Bank NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
Subsidiaries Vistaprint Ltd., Vistaprint Schweiz GmbH, Vistaprint USA, Inc. and Vistaprint BV make up the other borrowers.
The $500 million restated agreement consists of $35 million of revolving loans due Oct. 21, 2016, $365 million of revolving loans due Feb. 8, 2018 and $100 million of term loans closed on Feb. 8, 2013 and amortizing over the loan period with a final maturity date of Feb. 8, 2018.
The filing added that up to $50 million of borrowings may be made in euros, Swiss francs and other currencies. There are letter of credit and swingline loan sublimits of $25 million each.
Vistaprint added that it may increase the loan commitment by up to $200 million by adding new commitments or increasing the commitment of willing lenders.
Borrowings will bear interest at Libor plus 125 basis points to 200 bps depending on leverage. There is a commitment fee of 17.5 bps to 35 bps.
In addition, the company's consolidated leverage ratio may not exceed 3.5 times its consolidated EBITDA during Dec. 31, 2012 through Dec. 31, 2013; 3.25 times the consolidated EBITDA during March 31, 2014 through Dec. 31, 2014; and 3.00 times the consolidated EBITDA after March 31, 2015.
Vistaprint also has to keep an interest coverage ratio of at least 3.0.
Proceeds may go towards working capital, capital expenditures and other general corporate purposes, including share repurchases and mergers and acquisitions.
In other news, the company's supervisory board authorized on Feb. 6 the repurchase of up to 6.8 million company shares. The authorization expires on May 8, 2014.
Vistaprint is a Venlo, Netherlands, online provider of marketing products and services.
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