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Graphic Packaging enters multicurrency credit agreement with BofA
By Jennifer Chiou
New York, Oct. 7 – Graphic Packaging International Inc. entered into on Oct. 2 an amended credit agreement with Bank of America, NA as administrative agent and Rabobank Nederland, New York Branch, Suntrust Bank, JPMorgan Chase Bank, NA and Citibank, NA as co-syndication agents, according to an 8-K filing with the Securities and Exchange Commission.
The company, a wholly owned subsidiary of Graphic Packaging Holding Co., said that the agreement provides for a $1 billion amortizing term loan facility, a $1.25 billion revolving credit facility, a €138 million European revolving credit facility and a ¥2.5 billion Japanese revolving credit facility, all of which have a final maturity date of Oct. 1, 2019.
The term loan facility and the revolver bear interest at an initial rate equal to Libor plus 150 bps. Thereafter, the rate will be Libor plus 125 bps to 225 bps, depending on the company’s consolidated total leverage ratio.
Graphic Packaging is a Marietta, Ga.-based provider of packaging services for food, beverage and other consumer products companies.
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