Moody’s: Vistaprint CFR Ba3, loans Ba2 & notes B2

Moody's Investors Service said it assigned a Ba3 corporate family rating to Vistaprint NV in conjunction with the company launching a $1.1 billion debt financing, comprised of an $850 million bank credit facility, rated Ba2 ($690 million revolving facility and $160 million term loan A), and a $250 million senior unsecured notes issue, rated B2.

Vistaprint was also assigned a Ba3-PD probability of default rating, a speculative grade liquidity rating of SGL-2 (indicating good liquidity) and a stable outlook.

Moody’s said the Ba3 corporate family rating is based primarily on the company's solid growth prospects stemming from its online order entry, design and manufacturing scheduling capabilities and the significant size of its micro business target market, and moderate debt-to-EBITDA leverage between 3 times and 3.5 times.

The rating is constrained by a lack of forward visibility of activity levels, execution risks as the company revises its go-to-market strategy and stemming from its acquisition-driven strategy and risks that demand for key print products will decline, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.