Graphic Packaging to sell $250 million eight-year bullet on Thursday

By Paul A. Harris

Portland, Ore., Oct. 23 – Graphic Packaging International, Inc. plans to price a $250 million offering of non-callable eight-year senior notes on Thursday, according to a market source.

BofA Merrill Lynch, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. and Rabo Securities are joint bookrunners for the public offering.

BBVA, Regions Securities LLC, MUFG, SMBC Nikko, Fifth Third Securities, TD Securities, PNC Capital Markets LLC and HSBC are the co-managers.

The notes feature a three-year 35% equity clawback.

The Marietta, Ga.-based packaging company plans to use the proceeds, together with cash on hand and/or additional borrowings, to refinance, through a redemption, all $250 million of its 7 7/8% senior notes due 2018.

Graphic Packaging provides packaging services for food, beverage and other consumer products companies.

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