Debt |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Text Block] |
_____________________ (1) Balances as of September 30, 2026 and June 30, 2026 are inclusive of short-term debt issuance costs, debt premiums and discounts of $3,852 in both periods presented. (2) The increase in short-term debt is due to $35,000 of borrowings on our senior secured revolving credit facility during the current quarter. The borrowings were used to fund the acquisition of our Saxoprint business. Refer to Note 6 for additional details. Our various debt arrangements described below contain customary representations, warranties, and events of default. As of September 30, 2026, we were in compliance with all covenants in those debt contracts, including our amended and restated senior secured credit agreement dated as of June 4, 2026 ("Restated Credit Agreement") and the indenture governing our 7.375% senior unsecured notes due September 15, 2032 ("2032 Notes"). Senior Secured Credit Facility Our Restated Credit Agreement consists of the following as of September 30, 2026: •a $1,094,500 Term Loan B that bears interest at Term SOFR (with a Term SOFR rate floor of 0%) plus 2.50%, which amortizes over the loan period, with a maturity date of June 4, 2033 (subject to an earlier maturity on June 16, 2032 if the 2032 Notes have not been repaid, refinanced or extended as specified in the Restated Credit Agreement), and •a $250,000 senior secured revolving credit facility with a maturity date of June 4, 2031 (the “Revolving Credit Facility”), with outstanding borrowings of $35,000. ◦Borrowings under the Revolving Credit Facility bear interest at Term SOFR (with a Term SOFR rate floor of 0%) plus 2.25% to 3.00% depending on the Company’s First Lien Leverage Ratio, a net leverage calculation, as defined in the Restated Credit Agreement. The Restated Credit Agreement contains covenants that restrict or limit certain activities and transactions by Cimpress and our subsidiaries, including, but not limited to, the incurrence of additional indebtedness and liens; certain fundamental organizational changes; asset sales; certain intercompany activities; and certain investments and restricted payments, including purchases of Cimpress plc’s ordinary shares and payment of dividends. In addition, if the aggregate principal amount of outstanding revolving loans, swingline loans and unreimbursed letter of credit disbursements made under the Revolving Credit Facility exceeds 20% of the aggregate revolving commitments as of the last day of any fiscal quarter, then we are subject to a financial maintenance covenant requiring that the Consolidated Leverage Ratio calculated as of the last day of such quarter may not exceed 4.50 to 1.00. As of September 30, 2026, the weighted-average interest rate on outstanding borrowings under the Restated Credit Agreement was 5.89%, inclusive of interest rate swap rates. We are also required to pay a commitment fee for our Revolving Credit Facility on unused balances of 0.25% to 0.40% depending on our First Lien Leverage Ratio. We have pledged the assets and/or share capital of a number of our subsidiaries as collateral under our Restated Credit Agreement. Senior Notes We have issued $525,000 in 2032 Notes, which are unsecured. We can redeem some or all of the 2032 Notes at the redemption prices specified in the indenture that governs the 2032 Notes, plus accrued and unpaid interest to, but not including, the redemption date. As of September 30, 2026, we have not redeemed any of the 2032 Notes. Other Debt Other debt primarily consists of term loans acquired through acquisitions or used to fund certain capital investments. As of September 30, 2026 and June 30, 2026, we had $13,131 and $14,154, respectively, outstanding for those obligations that are payable through September 2037.
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