New Issue: Graphic Packaging prices upsized $450 million eight-year bullet at par to yield 3½%

By Paul A. Harris

Portland, Ore., Feb. 21 – Graphic Packaging International, LLC priced an upsized $450 million issue of eight-year senior bullet notes (Ba2/BB+) at par to yield 3½% in a Friday drive-by, according to market sources.

Initial price talk was in the high 3% area, a bond trader said.

Bookrunners were BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Rabo, SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC.

Proceeds will be used pay down Graphic Packaging's revolving credit facility and for general corporate purposes.

Graphic Packaging is an Atlanta-based consumer packaging manufacturer.

Issuer:	Graphic Packaging International, LLC
Amount:	$450 million, increased from $400 million
Maturity:	March 15, 2028
Securities:	Senior notes
Bookrunners:	BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Rabo, SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC
Coupon:	3½%
Price:	Par
Yield:	3½%
Spread:	207 bps
Call protection:	Non-callable
Trade date:	Feb. 21
Settlement date:	March 6
Ratings:	Moody's: Ba2
	S&P: BB+
Distribution:	Rule 144A and Regulation S for life

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