S&P rates 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 $350 million senior notes due 2029. The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default.

Graphic Packaging intends to use the proceeds from these notes to repay a portion of the outstanding borrowings under its revolving credit facility, which it used to redeem a portion of its membership interests held by International Paper for an aggregate price of $250 million, as well as for general corporate purposes.

All of S&P’s other ratings on Graphic Packaging remain unchanged.

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