S&P gives Graphic Packaging notes BB

S&P said it gave its BB issue-level and 5 recovery ratings to Graphic Packaging International LLC's planned $400 million of senior unsecured notes due 2030 and €290 million of senior unsecured notes due 2029. The 5 recovery rating indicates an expectation for modest (10%-30%; rounded estimate: 10%) recovery in default.

The BBB- issue-level rating and 1 recovery rating on the company's secured notes are unchanged, the agency said. The 1 recovery rating indicates an expectation for very high (90%-100%; rounded estimate: 95%) recovery in default.

The company intends to use the proceeds to repay its $400 million incremental term loan A-4 in full and repay a portion of the borrowings under its revolving credit facility, and to pay fees and expenses related to the offering.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.