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S&P upgrades Multi-Color
S&P said it upgraded LABL Intermediate Holding Corp.’s issuer rating to B from B- after Multi-Color Corp. canceled its planned sale of $500 million of payment-in-kind toggle notes. The company is the indirect parent of LABL, which does business through Multi-Color.
“Canceling the transaction provides the company with a clearer path to maintain the current rating. In the absence of the holding company PIK notes, Multi-Color once again has a clearer path to reduce its adjusted debt to EBITDA toward 7x, which is the level we consider appropriate for the current rating,” S&P said in a press release.
Had the offering gone through, S&P said it expected Multi-Color’s debt leverage would exceed 9x as of the end of 2020.
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