Multi-Color Corporation Announces Successful Repricing of $496 million Term B Loan with Existing Investors
October 16 2018 - 12:01PM
CINCINNATI, OHIO,
October 16, 2018 - Multi-Color Corporation (NASDAQ: LABL) (the
"Company") announced today that it had successfully repriced its
aggregate $496 million term B loan, lowering the applicable margin
payable on LIBOR indexed loans thereunder from 225 bps to 200 bps.
The maturity date of the term loan remains 2024 and all other
material provisions of the term B loan remain unchanged. The
reduction of the applicable margin on the term B loan is expected
to result in an annual interest savings of $1.2 million over the
remaining life of the term B loan.
The Company directs investors to
review the terms of the amendment to the loan agreement in the
Company's Securities and Exchange Commission filings, including but
not limited to, the Current Report on Form 8-K filed on October 16,
2018.
Safe Harbor
Statement
The Company believes certain
statements contained in this report that are not historical facts
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, and are intended
to be covered by the safe harbors created by that
Act. Reliance should not be placed on forward-looking
statements because they involve known and unknown risks,
uncertainties and other factors which may cause actual results,
performance or achievements to differ materially from those
expressed or implied. Any forward-looking statement speaks
only as of the date made. The Company undertakes no obligation
to update any forward-looking statements to reflect events or
circumstances after the date on which they are made. Statements
concerning expected financial performance, on-going business
strategies, and possible future actions which the Company intends
to pursue in order to achieve strategic objectives constitute
forward-looking information. Implementation of these strategies and
the achievement of such financial performance are each subject to
numerous conditions, uncertainties and risk factors. Factors which
could cause actual performance by the Company to differ materially
from these forward-looking statements include, without limitation:
factors discussed in conjunction with a forward-looking statement;
changes in global economic and business conditions; changes in
business strategies or plans; raw material cost pressures;
availability of raw materials; availability to pass raw material
cost increases to our customers; interruption of business
operations; changes in, or the failure to comply with, government
regulations, legal proceedings and developments; acceptance of new
product offerings, services and technologies; new developments in
packaging; our ability to effectively manage our growth and execute
our long-term strategy; our ability to manage foreign operations
and the risks involved with them, including compliance with
applicable anti-corruption laws; currency exchange rate
fluctuations; our ability to manage global political uncertainty;
terrorism and political unrest; increases in general interest
rate levels and credit market volatility affecting our
interest costs; competition within our industry; our ability to
consummate and successfully integrate acquisitions; our ability to
recognize the benefits of acquisitions, including potential
synergies and cost savings; failure of an acquisition or acquired
company to achieve its plans and objectives generally; risk that
proposed or consummated acquisitions may disrupt operations or pose
difficulties in employee retention or otherwise affect financial or
operating results; risk that some of our goodwill may be or later
become impaired; the success and financial condition of our
significant customers; dependence on information technology; our
ability to market new products; our ability to maintain an
effective system of internal control; ongoing claims, lawsuits and
governmental proceedings, including environmental proceedings;
availability, terms and developments of capital and credit;
dependence on key personnel; quality of management; our ability to
protect our intellectual property and the potential for
intellectual property litigation; employee benefit costs; and risk
associated with significant leverage. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
About
Multi-Color (http://www.mcclabel.com)
Cincinnati, Ohio, U.S.A. based
Multi-Color Corporation (MCC), established in 1916, is a leader in
global label solutions supporting a number of the world's most
prominent brands including leading producers of home and personal
care, wine and spirits, food and beverage, healthcare and specialty
consumer products. MCC serves international brand owners in North
and South America, Europe, Asia, Australia and Africa with a
comprehensive range of the latest label technologies in Pressure
Sensitive, Cut and Stack, In-Mold, Shrink Sleeve and Heat Transfer.
MCC employs approximately 8,400 associates across 72 operations
globally and is a public company trading on the NASDAQ Global
Select Market (company symbol: LABL).
For additional information on
Multi-Color, please visit http://www.mcclabel.com.
For more information, please
contact: Sharon E. Birkett
Vice President, Chief Financial Officer and Secretary
Multi-Color Corporation, (513) 345-5311
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Multi-Color Corporation via Globenewswire
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