Graphic Packaging draws down $425 million incremental term loan

By Rebecca Melvin

New York, Jan. 20 – Graphic Packaging International, LLC drew down a $425 million senior secured incremental term loan facility, which is being used to redeem in full the company’s 4¾% senior notes due April 15, 2021, according to an 8-K filing with the Securities and Exchange Commission.

The incremental term loan facility was obtained on Oct. 15, 2020 for this purpose.

The maturity date of the facility is Jan. 15, 2028, and borrowings bear interest at a fixed annual rate of 2.67%.

The incremental facility to the company’s third amended and restated credit agreement 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.

Graphic Packaging is an Atlanta-based consumer packaging manufacturer.

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