\nCompany Emerges Stronger, Well-Positioned to Execute Long-Term Strategy With Significantly Deleveraged Balance Sheet<\/i><\/p>
ATLANTA--(BUSINESS WIRE)--Multi-Color Corporation (\"MCC\" or the \"Company\") today announced the successful completion of the Company\u2019s financial restructuring process and emergence from its prepackaged Chapter 11 process.<\/p>
\nThe Company\u2019s prepackaged restructuring reduced net debt by approximately $3.8 billion, reduced annualized cash interest expense by more than $330 million, and extended long-term debt maturities to 2033. More than 99% of voting stakeholders voted to accept MCC\u2019s Plan of Reorganization. Upon emergence, MCC also received a significant $889 million new common and preferred equity investment from CD&R and a group of MCC\u2019s existing secured lenders to support MCC\u2019s long-term growth and investment.<\/p>
\n\"Today marks a significant milestone for MCC, as well as our customers, teammates, and partners who have supported us throughout this process,\u201d said Hassan Rmaile, President and Chief Executive Officer of MCC. \u201cOver the last several months, we continued to diligently serve and win clients, sharpened our operations, and now \u2013 with a significantly stronger balance sheet \u2013 we have the financial foundation needed to accelerate investing in the capabilities that make us the global partner of choice for innovative, premium labeling solutions across verticals. We enter this next chapter focused on driving profitable growth, ramping operational excellence, and investing in our people and culture as we work to deliver sustainable long-term value for all stakeholders.\"<\/p>
\nWith the financial restructuring completed, CD&R remains MCC\u2019s majority owner. CD&R is joined by a certain number of MCC\u2019s existing lenders as minority equity holders.<\/p>
\nAdditional Information\n \nAdvisors\n \nAbout MCC\n \nForward-Looking Statements\n \nAmong the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business, competitive, market, supply chain, and regulatory forces, future exchange and interest rates, changes in tax rates and any future business combinations or dispositions, uncertainties and costs related to the RSA and the Chapter 11 process, including, among others, potential adverse effects of the Chapter 11 process on the Company\u2019s liquidity and results of operations, including with respect to its relationships with its customers, distribution partners, suppliers, and other third parties; employee attrition and the Company\u2019s ability to retain senior management and other key personnel due to the distractions and uncertainties inherent in the Chapter 11 process; the impact of any cost reduction initiatives; any other legal or regulatory proceedings; the Company\u2019s ability to obtain operating capital, including complying with the restrictions imposed by the terms and conditions of any debtor-in-possession financing, such as the financing mentioned herein; and the risk that any plan of reorganization resulting therefrom may not be implemented at all. Please see the Amended Joint Prepackaged Plan of Reorganization of Multi-Color Corporation and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code<\/i> [Docket No. 754] and the Disclosure Statement Relating to the Joint Prepackaged Plan of Reorganization of Multi-Color Corporation and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code<\/i> [Docket No. 18], for additional considerations and risk factors associated with the company\u2019s Chapter 11 process. Nothing in this press release is intended as a profit forecast or estimate for any period and no statement in this press release should be interpreted to mean that the financial performance for the Company for the current or future financial years would necessarily match or exceed its historical results. Further, this press release is not intended to and does not constitute and should not be construed as, considered a part of, or relied on in connection with any information or offering memorandum, security purchase agreement, or offer, invitation or recommendation to underwrite, buy, subscribe for, otherwise acquire, or sell any securities or other financial instruments or interests or any other transaction.<\/p>