Graphic Packaging driving by with $350 million 8.5-year bullet; initial talk mid-to-high 3% area

By Paul A. Harris

Portland, Ore., Aug. 14 – Graphic Packaging International, LLC plans to price a $350 million offering of 8.5-year senior bullet notes (existing ratings Ba2/BB+) in a Friday drive-by trailing a late-morning conference call with investors, according to market sources.

Initial talk has the Rule 144A for life deal coming to yield in the mid-to-high 3% area, a trader said.

BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Rabo Securities, Truist Securities Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC are the joint bookrunners.

Fifth Third Securities Inc., Mizuho Securities USA Inc., MUFG, PNC Capital Markets LLC, Regions Securities LLC, SMBC Nikko Securities America Inc., BNP Paribas Securities Corp., Citizens Capital Markets Inc. and Goldman Sachs & Co. LLC are the co-managers.

The Atlanta-based packaging products manufacturer plans to use the proceeds to pay down the senior secured revolver under its third amended and restated credit agreement and for general corporate purposes.

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