New Issue: Graphic Packaging prices $300 million eight-year notes at par to yield 4 1/8%

By Paul A. Harris

Portland, Ore., Aug. 8 – Graphic Packaging Holding Co. priced a $300 million issue of eight-year senior bullet notes (Ba2/BB+) at par to yield 4 1/8% on Monday, according to a syndicate source.

The yield printed on top of yield talk and at the tight end of the 4 1/8% to 4¼% initial guidance.

BofA Merrill Lynch was the left bookrunner. J.P. Morgan, Rabo Securities, SunTrust Robinson Humphrey, Citigroup Global Markets, TD Securities and Wells Fargo Securities LLC were the joint bookrunners.

The Marietta, Ga.-based provider of packaging products plans to use the proceeds for general corporate purposes including repayment of short-term or long-term debt, acquisitions of or investments in businesses or assets, and for working capital or capital expenditures.

Issuer:	Graphic Packaging International, Inc.
Amount:	$300 million
Maturity:	Aug. 15, 2024
Securities:	Senior notes
Left bookrunner:	BofA Merrill Lynch
Joint bookrunners:	JP Morgan Securities LLC, Rabo Securities, SunTrust Robinson Humphrey, Citigroup Global Markets, TD Securities, Wells Fargo Securities LLC
Co-managers:	Fifth Third, Goldman Sachs & Co., MUFG, PNC Capital Markets, Regions, SMBC Nikko, BBVA
Coupon:	4 1/8%
Price:	Par
Yield:	4 1/8%
Spread:	265 bps
Call protection:	Make-whole call at Treasuries plus 50 bps until May 15, 2024, then at par
Equity clawback:	For up to 35% at 104.125 until May 15, 2019
Trade date:	Aug. 8
Settlement date:	Aug. 11
Ratings:	Moody’s: Ba2
	Standard & Poor’s: BB+
Distribution:	SEC registered
Price talk:	4 1/8% area
Marketing:	Quick to market

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