A US labelling company has become the first to break a weeks-long drought of issuance in the $1.4tn US junk bond market after turmoil in the banking sector dented investor appetite for risky debt.
Labl, operating as Multi-Color Corporation, completed a $300mn bond issuance on Tuesday, with the debt due to mature in 2028. Proceeds from the deal, which priced with a yield of 9.5 per cent, according to people familiar with the details, will be used in part to fund a potential acquisition.
While the transaction was not particularly large, Multi-Color — which makes labels for food, drinks and other consumer products — was the first US borrower with a subinvestment-grade credit rating to tap the market since the failure of Silicon Valley Bank.
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