New Issue: Graham Packaging prices $250 million 8¼% eight-year notes at par

By Paul A. Harris

St. Louis, Sept. 16 - Graham Packaging Co., LP and GPC Capital Corp I priced a $250 million issue of eight-year senior unsecured notes (Caa1/B-/) at par to yield 8¼% on Thursday, according to a market source.

The yield printed at the tight end of the 8 3/8% area price talk.

Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. ran the books for the quick-to-market issue.

Proceeds will be used to help fund the acquisition of Liquid Container LP.

Graham Packaging is a York, Pa.-based designer, manufacturer and seller of technology-based, customized blow-molded plastic containers.

Issuers:	Graham Packaging Co., LP and GPC Capital Corp I
Amount:	$250 million
Maturity:	Oct. 1, 2018
Securities:	Senior unsecured notes
Bookrunners:	Citigroup Global Markets Inc., Deutsche Bank Securities Inc.
Co-manager:	Goldman Sachs & Co.
Coupon:	8¼%
Price:	Par
Yield:	8¼%
Spread:	549 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Oct. 1, 2014, then callable at 104.125, 102.063, par on and after Oct. 1, 2016
Equity clawback:	40% at 108.25 until Oct. 1, 2014
Trade date:	Sept. 16
Settlement date:	Sept. 23
Ratings:	Moody's: Caa1
	Standard & Poor's: B-
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	8 3/8% area
Marketing:	Quick to market

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