12 May 2020
Cimpress Gets $300 million in Financing
WINDSOR , ONTARIO—
Vistaprint TV ads have been pulled back
Vistaprint TV ads have been pulled back
Apollo Global Management Inc. is investing $300 million in Cimpress , the parent company of Vistaprint which has been hurt by the coronavirus pandemic. The $300m  will be used to pay down some of the group’s existing term loan. The five-year, subordinate second-lien secured note  has a 12% rate, with Cimpress able to pay up to 50% as paid-in-kind. Apollo also has a seven-year warrant to buy just under 4% of Cimpress  stock at $60 a share. Cimpress’ share price has lost more than 50% during March, falling from $119.04 to $46.05.
 One of the world’s largest alternative asset managers
One of the world’s largest alternative asset managers
It picked up at the end of April on news of the Apollo investment, rising to $75.09 last week. Vistaprints parent company had sales crashed by 65% at the end of March as the effects of the Covid-19. Cimpress results for the first quarter up to 31 March show sales down 10% at $598m and an operating loss of $88m. Apollo Global Management Inc. private equity investing has a reputation for scooping  up distressed assets, and  snapping up companies’ discounted debt. Apollo is one of the world’s largest and most aggressive investors in the midst of corporate carnage around the world. The firm, known for making lucrative bets on companies.  
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