Compelo Packaging - Latest industry news and analysis is using cookies

ContinueLearn More

Graphic Packaging International to announce senior notes offering

Graphic Packaging International, a wholly-owned subsidiary of Graphic Packaging Holding Company has announced that it intends to offer, subject to market conditions, $250m aggregate principal amount of Senior Notes due 2018 in a registered public offering.

This is proposed in connection with its cash tender offer for up to $250m aggregate principal amount of its 9.50% senior subordinated notes due August 2013.

The senior notes will be guaranteed by Graphic Packaging Holding Company and Graphic Packaging Corporation as well as by certain of Graphic Packaging’s domestic subsidiaries who have guaranteed its obligations under its senior credit facilities and existing notes.

The net proceeds from the offering, together with cash on hand, will be used solely to refinance, through a tender offer, $250m aggregate principal amount of the 2013 notes.

If in case, there are net proceeds remaining after purchasing any 2013 notes tendered, or if the tender offer is not consummated, Graphic Packaging intends to use the net proceeds from the offering to redeem 2013 notes pursuant to the terms of the indenture governing the 2013 notes.