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Vistaprint to repay loans via notes, seeks to expand, extend facility
By Tali Rackner
Norfolk, Va., Sept. 8 – Vistaprint NV plans to repay debt under a line of credit and a portion of the debt outstanding under its revolving credit facility with the proceeds from a notes offering, according to a press release.
The company is also looking to increase the loans outstanding under the term loan A facility by $6.1 million to $160 million and up the commitments outstanding under its revolver by $50 million to $690 million.
Vistaprint also hopes to push out the facilities’ maturities from February 2018 to to the date that is five years from the effective date of the amendment.
The amendment would also change certain of the financial covenants under the credit agreement governing the facilities by (a) amending the maximum permitted consolidated leverage ratio to 4.50:1.00 at the end of each quarter and (b) adding a new covenant that the company’s senior secured leverage ratio not exceed 3.25:1.00 at the end of each quarter.
Moreover, pursuant to the amendment, Vistaprint may increase the loan commitments under the facilities by up to $250 million.
The company expects that its unsecured line of credit will be reduced to $25 million from $50 million.
In addition, Vistaprint’s management board and supervisory board proposed an amendment to the company’s articles of association to change the company name to Cimpress NV from Vistaprint NV, according to an 8-K filing with the Securities and Exchange Commission. The board said a shareholder vote for the amendment is scheduled at the company’s annual general meeting in November.
Vistaprint is a Venlo, Netherlands, online provider of marketing products and services.
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