Graham Packaging plans to sell high-yield bonds to help fund acquisition of Liquid Container

By Paul A. Harris and Sara Rosenberg

St. Louis, Aug. 9 - Graham Packaging Co. Inc. plans to sell new high-yield bonds as part of the debt financing for its $568 million acquisition of Liquid Container LP, company officials said in a conference call on Monday.

The bonds are backed by a commitment for a bridge loan.

Citigroup and Deutsche Bank are the lead banks

In addition to the bonds, Graham Packaging plans on getting new bank debt under the $300 million accordion feature contained in its existing credit agreement.

Closing on the acquisition is expected to take place this year, subject to normal regulatory approvals and customary conditions.

Graham Packaging is a York, Pa.-based designer, manufacturer and seller of technology-based, customized blow molded plastic containers. Liquid Container is a West Chicago, Ill.-based operator of blow molded plastic container plants.

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