Graphic Packaging obtains $425 million incremental term loan

By Rebecca Melvin

New York, Oct. 20 – Graphic Packaging International, LLC obtained a $425 million senior secured incremental term loan facility under an Oct. 15 amendment with its lenders, according to an 8-K filing with the Securities and Exchange Commission.

The incremental term loan facility is to be drawn on or before Jan. 15, 2021. The maturity date of the facility is Jan. 15, 2028, and any borrowings under the facility will bear interest at a fixed annual rate of 2.67%.

The incremental facility to the company’s third amended and restated credit agreement is governed by substantially similar covenants as are set forth in the amended and restated agreement, and is secured by a first priority lien and security interest in substantially all of the assets of GPI.

Bank of America NA is administrative agent, and CoBank, ACB is incremental term A-2 lead arranger and incremental term A-2 lender.

The credit agreement is originally dated Jan. 2, 2018. Graphic Packaging is an Atlanta-based consumer packaging manufacturer

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