S&P assigns Graphic Packaging notes BB+

S&P said it assigned its BB+ issue-level rating and 3 recovery rating to Graphic Packaging International LLC's proposed $400 million senior unsecured notes due in 2028. The 3 recovery rating indicates the expectation for meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a payment default.

The company will use the proceeds to pay down revolving credit facility borrowings and for general working capital purposes. All of S&P’s other ratings on Graphic Packaging are unchanged.

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