Caching is often used in content delivery networks as a mechanism for reducing network traffic. Recently, the technique of coded caching was introduced whereby coding in the caches and coded transmission signals from the central server were considered. Prior results in this area demonstrate that carefully designing the placement of content in the caches and designing appropriate coded delivery signals from the server allow for a system where the delivery rates can be significantly smaller than conventional schemes. However, matching upper and lower bounds on the transmission rate have not yet been obtained. In this paper, we derive tighter lower bounds on the coded caching rate than were known previously. We demonstrate that this problem can equivalently be posed as a combinatorial problem of optimally labeling the leaves of a directed tree. Our proposed labeling algorithm allows for significantly improved lower bounds on the coded caching rate. Furthermore, we study certain structural properties of our algorithm that allow us to analytically quantify improvements on the rate lower bound for general values of the problem parameters. This allows us to obtain a multiplicative gap of at most four between the achievable rate and our lower bound.