Moody's rates Graphic Packaging bonds Ba2

Moody's Investors Service said it assigned a Ba2 rating to Graphic Packaging International, LLC's planned $400 million of senior unsecured notes due in 2030 and €290 million of senior unsecured notes due in 2029.

“The senior unsecured debt is rated Ba2 (one notch below the Ba1 CFR), reflecting its subordinated position in the capital structure to the secured credit facilities and secured notes and the expected loss absorption cushion it provides to the secured obligations,” Moody’s said in a press release.

The proceeds will be used to partially repay borrowings under the revolver and fully repay the incremental term loan A-4 that were used to finance the acquisition of AR Packaging Group AB that was closed on Nov. 1. All other ratings will remain unchanged.

The outlook is stable.

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