by Stephen Carter
Oct 22, 2021 1:00 PM ET
LABL Inc (Multi-Color + Fort Dearborn) (LABL) $960m (down from $1.21bn) 144A/Reg S sr sec/sr unsec 2-part. Via GS/BofA/Barc/CS/DB/RBC/UBS/WFS/HSBC/BMO/BNP/KKR/Mizuho/MUFG/TSI jt books. No reg rights. $250m was switched to the term loan B now $2.222bn equivalent (US$1.642bn and EUR500m US$580m equivalent).
- $500m (down from $750m) sr sec notes due 2028 (7y). NC3 (MWC T+50bp). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103.00. B2/B- (negative/stable). IPT: 5.50%-5.75%. Px talk: 6.00% area. Launched: $500m 5.875% at 99.293, yield 6.00%.
- $460m sr unsec notes due 2029 (8y). NC3 (MWC T+50bp). Equity claw: 3y 40%. Caa2/CCC+ (negative/stable). IPT: 7.75%-8.00%. Px talk: 8.00%-8.25%. Launched: $460m 8.25% at 100.
Telephonic roadshow 10/18-21 (investor call at 12pm 10/18). Books closed at 11am NYT today. Pricing this afternoon. UOP: along with US$2.222bn equivalent (US$1.642bn and EUR500m (US$580m equivalent) (up from US$1.972bn equivalent) (US$/EUR) sr sec term loan B ($500m ABL revolver and $200m revolver - undrawn). B2/B- (negative/stable), via BofA/GS/Barc/CS/DB/RBC/UBS/WFS, to fund the acquisition by CD&R of LABL Inc from Platinum Equity, and Fort Dearborn Holding Co Inc from Advent Intl for a total transaction value of $5.82bn. CD&R will contribute $1.35bn in cash equity. CD&R intends to combine the two companies. Multi-Color's existing notes ($700m 6 .75% sr sec notes 07/15/26 and $690m 10.50% sr unsec notes) will be rolled over into the combined company. Fort Dearborn's debt will be refinanced. Biz: global label producer. HQ: Batavia, OH. (Acquisition announced 07/02/2021).