- Associated Press - Friday, August 9, 2019

NEW YORK (AP) - Shares in Mattel tumbled more than 10% in morning trading after the toymaker pulled a debt offering upon learning of a letter from an anonymous whistleblower.

The details of the complaint were not revealed, but the company said late Thursday it was made aware of the letter on Tuesday.

Mattel terminated the offering of notes due in 2027 which was scheduled to close Thursday. Mattel said it planned to refinance other senior notes due October 2020.

The El Segundo, California, company has about $2.86 billion in long-term debt, according to a regulatory filing last month.

Sometimes public companies issue bonds to raise money rather than getting a loan from a bank because the rates are usually lower and terms less restrictive.

Mattel Inc. shares fell to $12.05 in early trading.

Sign up for Daily Newsletters

Copyright © 2019 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide