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Moody's rates Graphic Packaging notes B3
Moody's Investors Service said it assigned a B3 rating to Graphic Packaging International, Inc.'s proposed $245 million of senior notes due 2017.
Moody's said it also affirmed the B1 corporate family rating and the company's other existing debt ratings, adding that the proceeds from the proposed note offering will be used to fund the tender offer for $225 million of the existing $425 million of 8.50% senior notes due 2011 and pay related fees and expenses.
In addition, Moody's said it affirmed the company's SGL-3 speculative-grade liquidity rating and the outlook remains negative.
The ratings assignment and affirmation reflects Graphic Packaging's leading position in folding consumer cartons, coated unbleached kraft paperboard, coated recycled boxboard, and multi-wall bag. In addition to extensive customer relationships, the ratings are supported by continued focus on cost improvements, margin stability and adequate liquidity, the agency added.
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