Mattel Sought Delay, Not Scrapping, of Debt Deal
- Toymaker is said to downplay concern about whistleblower note
- Bankers balked at delay request because bonds had been priced
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In a sign that Mattel Inc. isn’t too worried about the whistleblower letter that upended last week’s $250 million bond offering, the toymaker initially asked bankers to delay the sale for just a couple of days, according to people who have communicated with company officials.
The closing was scrapped when at least one of the banks involved balked at a postponement because the bonds had already been priced, said the people, who asked not to be identified because the communications were private. An additional person familiar with the deal said the banks learned of the letter after the pricing. Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. were among the institutions involved.