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Multi Packaging gets OK to skip change-of-control offer for 8½% notes
By Angela McDaniels
Tacoma, Wash., Dec. 12 - Multi Packaging Solutions, Inc. received the consent of holders of 97.8% of its 8½% senior notes due 2021, according to a company news release.
A consent solicitation for the notes began Nov. 21 and ended at 5 p.m. ET on Dec. 12.
Because the proposed amendments were approved, Multi Packaging Solutions will not be required to make a change-of-control offer to purchase the notes at 101 in connection with its business combination with Chesapeake Services Ltd.
The adoption of the proposed amendments required the consent of holders of at least a majority of the outstanding notes.
The company offered a consent fee of $20 per $1,000 principal amount of notes.
A supplemental indenture to give effect to the proposed amendments has been executed. 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.
On Dec. 4, the company extended the solicitation expiration from Dec. 6, increased the consent fee from $10 and added some additional proposed amendments to further revise Section 4.09(b)(i) of the indenture related to permitted debt to reduce the amount of dollar-equivalent debt thereunder (based on current exchange rates).
Barclays (800 438-3242 or 212 528-7581) and Credit Suisse were the joint solicitation agents. The information agent was D.F. King (800 829-6551, or for banks and brokers, 212 269-5550, or by e-mail at mps@dfking.com).
Multi Packaging Solutions and Chesapeake Services are packaging manufacturers based in New York and London, respectively.
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