Moody’s ups Cimpress facility to Ba2

Moody’s Investors Service said upgraded Cimpress plc’s first-lien credit facility at Cimpress and its subsidiary, Cimpress USA Inc., to Ba2 from Ba3.

The rating actions are prompted by Cimpress’ entrance into a credit facility amendment to suspend financial covenants until December 2021 along with other important changes to the agreement and plans to sell $300 million of senior secured second-lien notes to repay a portion of the outstanding first lien term loan. Cimpress expects both transactions to close on or about May 1, 2020, the agency said.

Moody’s affirmed Cimpress’ B1 and B1-PD ratings.

The outlooks for both companies remain negative.

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