Moody’s rates Graphic Packaging notes Baa3

Moody’s Investors Service said it assigned a Baa3 rating to Graphic Packaging International, LLC’s planned senior secured notes due in 2024 and 2026. All other ratings remain unchanged.

“The senior secured debt is rated Baa3 (one notch above the Ba1 CFR), reflecting its preferential position in the capital structure and the loss absorption cushion provided by the unsecured notes and other unsecured obligations. The notes are secured by the first-priority liens on all of the assets of the issuer and the guarantors that also secure the company’s and the guarantors’ obligations under the credit agreements. The notes are guaranteed by Graphic Packaging International Partners, LLC and all significant domestic operating subsidiaries that guarantee secured credit agreements and existing notes,” Moody’s said in a press release.

Proceeds will be used to pay down a portion of the term loans.

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