CMPR - Cimpress to raise $1.15B in senior term loan offering; provides FQ3 revenue guidance

Cimpress (CMPR) trades 2.9% higher premarket after intending to raise a senior secured Term Loan B due 2028 of ~$1.15B ($795M tranche and a €300M tranche) to repay existing secured debt and bring liquidity onto the balance sheet.The company 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.Transaction will be approximately net leverage neutral on a pro-forma basis.The second lien notes will be redeemed at the first call date in mid-May 2021; expects to allocate the Term Loan B transaction in late April 2021.The Term Loan A will terminate and Cimpress will retain a $250M revolving credit facility maturing in 2026.For FQ3, the company estimates revenue of $579M (-3% Y/Y), operating loss of $16M, adj. EBITDA of $55M and total debt of $1,341M, cash

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Cimpress to raise $1.15B in senior term loan offering; provides FQ3 revenue guidance