Graham Packaging bringing $100 million six-year notes

By Paul A. Harris

St. Louis, Mo., May 28 - Graham Packaging Co., Inc. is in the market with $100 million of six-year senior subordinated notes, according to a market source.

The source added that Deutsche Bank Securities Inc. is the bookrunner.

The bond deal is part of a recapitalization plan that includes a new $700 million senior credit facility comprised of a $550 million term loan and a $150 million revolver. The plan also calls for an initial public offering of up to $287.5 million of common shares.

Proceeds will be used to repurchase the York, Pa. plastic container company's $169 million ($155.7 million accreted value) senior discount notes and to repay bank debt.

Messages left with the company and the investment bank were not returned.

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