Graphic Packaging gets tenders for $398.8 million of 8½% senior notes

By Angela McDaniels

Tacoma, Wash., June 29 - Graphic Packaging International, Inc., a subsidiary of Graphic Packaging Holding Co., said it received tenders for $398,804,000 of its 8½% senior notes due August 2011 during a tender offer that expired at 8 a.m. ET on June 29.

The offer to purchase up to $225 million of the notes began on June 1. Because the offer is oversubscribed, the amount of notes purchased was prorated, according to a company news release.

The company paid $1,021.25 for each $1,000 principal amount of notes tendered by June 12, the early tender date, and accepted for purchase. This amount includes an early tender payment of $30.00.

The payment for notes tendered after the early tender date and accepted for purchase was $991.25 per $1,000 principal amount.

Holders also received accrued interest up to but excluding the settlement date, which was June 29.

Graphic Packaging planned to finance the offer with the proceeds from an offering of $245 million of senior notes due 2017.

Banc of America Securities LLC (888 292-0070 or call collect 980 388-9217) was the dealer manager. The information agent was Global Bondholder Services Corp. (866 795-2200 or call collect 212 430-3774).

Graphic Packaging is a Marietta, Ga., paperboard packaging company.

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