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Multi-Color withdraws $500 million PIK toggle notes offering
By Paul A. Harris
Portland, Ore., Oct. 28 – Multi-Color Corp. has withdrawn its $500 million offering of LABL Intermediate Holding Corp. five-year senior PIK toggle notes from the market, sources say.
The PIK toggle holdco dividend deal – by nature, one of the junk bond market's most aggressive structures – went silent for over a week subsequent to initial talk for a cash coupon in the low 12% area with an additional 75 basis points for PIK payments.
BofA Securities Inc. was on the left of a syndicate of bookrunners.
The Batavia, Ohio-based label producer intended to use the proceeds to fund a dividend to shareholders.
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