By Aleesia Forni
Virginia Beach, Va., Aug. 8 - Multi Packaging Solutions Inc. hit Thursday's market with a $200 million issue of 8½% eight-year senior notes (Caa1/CCC+/) priced at par, according to an informed source.
The notes priced at the tight end of the 8½% to 8¾% talk.
Proceeds will be used to help fund the buyout of the company by Madison Dearborn Partners from Irving Place Capital and to repay debt.
The Rule 144A and Regulation S without registration rights notes will be non-callable for three years.
BofA Merrill Lynch acted as the left bookrunner and was joined by Barclays, Citigroup Global Markets Inc. and UBS Investment Bank as joint bookrunners.
The notes were issued through Mustang Merger Corp.
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.
| Issuer: | Mustang Merger Corp., to be merged into Multi Packaging Solutions, Inc.
|
| Amount: | $200 million
|
| Description: | Senior notes
|
| Maturity: | Aug. 15, 2021
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunners: | Barclays, Citigroup Global Markets Inc., UBS Investment Bank
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| Spread: | 628 bps
|
| Call features: | Non-callable until Aug. 15, 2016, then callable at 106.375, 104.250, 102.125 and par on or after Aug. 15, 2019
|
| Make-whole call: | Treasuries plus 50 bps
|
| Equity clawback: | 40% at 108.5 until Aug. 15, 2016
|
| Change-of-control put: | At 101%
|
| Trade date: | Aug. 8
|
| Settlement date: | Aug. 15
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A, Regulation S without registration rights
|
| Price talk: | 8½%-8¾%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
