Mattel Brings Back Aborted Bond Deal and Doubles Offering Size
- Toymaker sells $600 million of junk bonds to refinance debt
- Investors regaining confidence after firm resolved allegations
Mattel Barbie dolls.
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
Mattel Inc. returned to the junk bond market after a whistleblower allegation derailed a similar sale earlier this year. This time, it brought an even bigger deal.
The company sold $600 million of bonds to refinance existing debt, after an anonymous complaint about its accounting and internal controls forced it to halt a smaller offering in August. Mattel said in late October it had completed an internal investigation, pledging to strengthen financial reporting controls and saying it would restate some earnings.