S&P rates Graham Packaging notes CCC+

Standard & Poor's said it assigned its CCC+ senior unsecured debt rating to the proposed offering of $250 million of senior unsecured notes due 2016 to be issued jointly by Graham Packaging Co. LP and GPC Capital Corp. I, both wholly owned subsidiaries of Graham Packaging Holdings Co. The recovery rating is 6.

S&P said it also placed all of its ratings Graham Packaging Holdings and its subsidiaries on CreditWatch with positive implications.

Graham intends to use the proceeds from the Rule 144A offering to redeem its $250 million of senior unsecured notes due 2012.

"We placed the ratings on CreditWatch positive following Graham's announcement that it plans an IPO of its common stock in early 2010 and expects to use the approximately $320 million of net proceeds to reduce term debt," said S&P credit analyst Cynthia Werneth in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.