Syndicate takes shape for Multi Packaging $200 million senior notes

By Paul A. Harris

Portland, Ore., July 29 - BofA Merrill Lynch will be on the left in a syndicate of bookrunners that includes Barclays, Citigroup Global Markets Inc. and UBS Investment Bank when Multi Packaging Solutions Inc. comes to market with its $200 million offering of senior notes (Caa1/CCC+), according to an informed source.

Timing on the leveraged-buyout financing remains to be determined; however, the bank piece, a $330 million credit facility, launches at a Tuesday bank meeting.

Proceeds will be used to help fund the buyout of the company by Madison Dearborn Partners from Irving Place Capital and to refinance its existing senior secured credit facility.

Senior secured leverage is 3.5 times and total leverage is 5.8 times, the source added.

Multi Packaging Solutions is a New York-based manufacturer of printed folding cartons, labels and inserts for customers in the health care, consumer and media end markets.

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