Multi Packaging Solutions International (MPSX) Inactive
Filed: 7 Oct 15, 12:00am
 | 555 Eleventh Street, N.W., Suite 1000 Washington, D.C. 20004-1304 Tel: +1.202.637.2200 Fax: +1.202.637.2201 www.lw.com | |||
| FIRM / AFFILIATE OFFICES | ||||
October 7, 2015
VIA EDGAR SUBMISSION
United States Securities and Exchange Commission Division of Corporation Finance 100 F St., N.E. Washington, D.C. 20549 | Abu Dhabi Barcelona Beijing Boston Brussels Century City Chicago Dubai Düsseldorf Frankfurt Hamburg Hong Kong Houston London Los Angeles Madrid | Milan Moscow Munich New Jersey New York Orange County Paris Riyadh Rome San Diego San Francisco Shanghai Silicon Valley Singapore Tokyo Washington, D.C. | ||
| Attention: | Loan Laurent P. Nguyen |
| Sandra Eisen |
| Ethan Horowitz |
| Anuja A. Majmudar |
| Re: | Multi Packaging Solutions International Limited |
| Amendment No. 3 to Registration Statement on Form S-1 |
| Filed September 30, 2015 |
| File No. 333-205278 |
Ladies and Gentleman:
As discussed with Anuja A. Majmudar, Multi Packaging Solutions International Limited (the “Company”), is submitting as correspondence marked pages showing proposed changes to be made in an Amendment (the “Amendment”) to its registration statement on Form S-1 (as it may be amended or supplemented, the “Registration Statement”) filed with the Securities and Exchange Commission (the “Commission”) on June 26, 2015. Attached hereto asExhibit A are proposed changed pages to the Amendment that are intended to be responsive to comment number 2 contained in the comment letter to Mr. Marc Shore, the Company’s Chief Executive Officer, dated October 2, 2015, from the staff of the Commission (the “Staff”). The Company respectfully requests that the Staff review the attached correspondence in advance of the Company filing the Amendment.
Please do not hesitate to contact me at (202) 637-1028 or my colleague, Jason M. Licht, at (202) 637-2258, with any questions or further comments you may have regarding this correspondence or if you wish to discuss any of the Company’s proposed changes to the Amendment.
| Sincerely, |
/s/ Patrick H. Shannon |
Patrick H. Shannon of LATHAM & WATKINS LLP |
Enclosures
cc: (via email)
Marc Shore, Multi Packaging Solutions International Limited
William H. Hogan, Multi Packaging Solutions International Limited
Jason M. Licht, Latham & Watkins LLP
EXHIBIT A
Note 21—Segments (continued)
The Company’s product offerings consist of print-based specialty packaging products across the consumer, health care and multi-media end markets. The Company produces similar products including labels, cartons, inserts and rigid packaging (the “Specific Products”) in all of the geographies it serves, and in all of the end markets it serves. These Specific Products represent one product line. The nature of a specific carton, label, insert or rigid package is similar from end market to end market and geography to geography. Oftentimes, the Specific Products sold to the customer are bundled, including both label and carton, or label, carton and insert or any combination thereof. The following is a summary of gross sales estimated by product category for the respective periods:
| Successor | Predecessor | |||||||||||||||||
| For the year ended June 30, 2015 | Period from August 15, 2013 through June 30, 2014 | Period from July 1, 2013 through August 14, 2013 | For the year ended June 30, 2013 | |||||||||||||||
Premium folding cartons | $ | 1,051,208 | $ | 513,253 | $ | 52,828 | $ | 368,544 | ||||||||||
Inserts | 268,000 | 138,691 | 9,246 | 81,247 | ||||||||||||||
Labels | 126,240 | 79,872 | 8,224 | 69,664 | ||||||||||||||
Rigid packaging | 70,463 | 10,786 | — | — | ||||||||||||||
Other consumer products | 216,372 | 127,270 | 10,088 | 108,160 | ||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
Total | 1,732,103 | 869,872 | 80,386 | 627,615 | ||||||||||||||
Sales reserves and eliminations (2) | (114,463 | ) | (55,659 | ) | (6,305 | ) | (48,214 | ) | ||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
Total | $ | 1,617,640 | $ | 814,213 | $ | 74,081 | $ | 579,401 | ||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
The following is a summary of net sales estimated by end markets for the respective fiscal years indicated.
| Successor | Predecessor | |||||||||||||||||
| For the year ended June 30, 2015 | Period from August 15, 2013 through June 30, 2014 | Period from July 1, 2013 through August 14, 2013 | For the year ended June 30, 2013 | |||||||||||||||
Net Sales: | ||||||||||||||||||
Consumer | $ | 815,882 | $ | 367,895 | $ | 26,094 | $ | 220,901 | ||||||||||
Health Care | 643,982 | 330,018 | 20,929 | 191,400 | ||||||||||||||
Media | 157,776 | 116,300 | 27,058 | 167,100 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
| $ | 1,617,640 | $ | 814,213 | $ | 74,081 | $ | 579,401 | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
F-55
Note 21—Segments (continued)
| (1) |
| Successor | Predecessor | |||||||||||||||||
| (Dollars in thousands) | For the year ended June 30, 2015 | Period from August 15, 2013 to June 30, 2014 | Period from July 1, 2013 to August 14, 2013 | For the year ended June 30, 2013 | ||||||||||||||
Adjusted EBITDA | $ | 230,962 | $ | 118,790 | $ | 10,471 | $ | 86,675 | ||||||||||
Transaction costs | (13,630 | ) | (38,844 | ) | (28,370 | ) | (3,080 | ) | ||||||||||
Management fees | — | — | (264 | ) | (2,315 | ) | ||||||||||||
Stock based and deferred compensation | (5,722 | ) | (1,534 | ) | (125 | ) | (2,578 | ) | ||||||||||
Multiemployer plan exits | — | (9,250 | ) | 676 | — | |||||||||||||
Debt extinguishment costs | (1,019 | ) | — | (14,042 | ) | (4,140 | ) | |||||||||||
Purchase accounting adjustments | (3,094 | ) | (10,836 | ) | — | — | ||||||||||||
Severance costs | (6,419 | ) | (2,385 | ) | (3 | ) | (736 | ) | ||||||||||
Restructuring charge | — | (7,652 | ) | — | — | |||||||||||||
(Gain) loss on sale of fixed assets | (584 | ) | (2,278 | ) | 96 | 853 | ||||||||||||
Impairment charges | — | (1,006 | ) | — | (2,112 | ) | ||||||||||||
Foreign currency gains (loss) | 12,171 | 777 | 364 | (220 | ) | |||||||||||||
Other adjustments to EBITDA | (379 | ) | (490 | ) | (346 | ) | 2,387 | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
EBITDA | 212,286 | 45,292 | (31,543 | ) | 74,734 | |||||||||||||
Income tax expense (benefit) | (1,880 | ) | (19,481 | ) | (15,621 | ) | 4,195 | |||||||||||
Interest expense | 75,437 | 43,215 | 3,991 | 24,546 | ||||||||||||||
Depreciation and amortization | 131,703 | 73,206 | 3,772 | 36,660 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Net income (loss) | $ | 7,026 | $ | (51,648 | ) | $ | (23,685 | ) | $ | 9,333 | ||||||||
|
|
|
|
|
|
|
| |||||||||||
| (2) | Represents estimated interplant eliminations, rebates, discounts and the inclusion of certain products as part of bundled transactions that are not able to be allocated to a specific product produced. |
Note 22—Subsequent Event
On July 1, 2015, the Company completed the acquisition of BP Media, Ltd. (“BluePrint”). The acquisition of BluePrint provides the Company with pre-press and digital services in the European market, facilitating the processes surrounding translation and interchangeability of print content for foreign locations. In addition, BluePrint provides the Company with an established sales presence in the media markets in Europe, which will enable the Company to serve the European needs of global media releases. BluePrint had annual sales of approximately $23,000 for the 12 months immediately prior to the acquisition. The purchase price allocation is not material to the financial statements.
F-56