Multi-Color reopens primary; Medical Properties Trust active; Frontier under pressure

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 28 – Following the longest junk issuance drought since the onset of Covid in early 2020 (17 consecutive dormant sessions) the dollar-denominated new issue market came to life on Tuesday as LABL, Inc., which does business as Multi-Color Corp., priced a $300 million issue of senior secured notes due Nov. 1, 2028 at par to yield 9½% in a drive-by.

Meanwhile, it was a relatively uneventful day in the secondary space with the cash bond market either side of unchanged as the market looks to its next major catalyst – earnings.

While the broader market awaited greater clarity about the state of the economy, topical news and end-of-quarter clean-up dominated activity in the space.

Medical Properties Trust Inc.’s 5% senior notes due 2027 (Ba1/BB+) were active although little changed with the formerly split-rated issue downgraded to junk earlier in the month.

Frontier Communications Holdings, LLC’s capital structure was under pressure in active trade on Tuesday after an analyst downgrade of stock sent stock spiraling over the past two sessions.

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