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Multi Packaging Solutions seeks OK to skip change-of-control offer
By Angela McDaniels
Tacoma, Wash., Nov. 21 - Multi Packaging Solutions, Inc. is soliciting consents from holders of its 8½% senior notes due 2021 to approve amendments to some provisions of the indenture governing the notes, according to a company news release.
The consent solicitation will end at 5 p.m. ET on Dec. 6 and is being made in connection with the company's merger agreement with Chesapeake Services Ltd.
If the proposed amendments are approved, Multi Packaging Solutions would not be required to make a change-of-control offer to purchase the notes at 101 in connection with the business combination with Chesapeake.
Multi Packaging Solutions said it is able to complete the business combination without the proposed amendments by making the change-of-control offer, in which case Chesapeake would not be added as a guarantor to the notes.
The adoption of the proposed amendments requires the consent of holders of at least a majority of the outstanding notes.
The company is offering a consent fee of $10 per $1,000 principal amount of notes.
If approved, the proposed amendments will become operative once the consent payment is made to D.F. King & Co., Inc., the paying agent, which is expected to occur immediately prior to the completion of the combination with Chesapeake, at which time Chesapeake will become a guarantor of the notes.
The consent solicitation is being made only to qualified institutional buyers who are noteholders of record as of 5 p.m. on Nov. 20.
Barclays (800 438-3242 or 212 528-7581) and Credit Suisse are the joint solicitation agents. The information agent is D.F. King (800 829-6551, or for banks and brokers, 212 269-5550, or by email at mps@dfking.com).
Multi Packaging Solutions and Chesapeake Services are packaging manufacturers based in New York and London, respectively.
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