Mattel Plunges After Pulling Bond Sale Over Whistleblower Letter
- Claims in letter are likely ‘material,’ Jefferies analyst says
- Company had planned to refinance debt due in 2020 with sale
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Mattel Inc. fell the most in almost 6 months on Friday after the company said it would pull a bond sale as it looks into “an anonymous whistleblower letter.”
The toymaker became aware of the letter on Aug. 6, according to a filing late yesterday. Mattel said it is terminating the sale of senior notes due in 2027 “to provide the company with an opportunity to investigate the matters set forth in the letter.”