Business News
Graphic Packaging Announces Senior Notes Offering
Tuesday 02. June 2009 - Graphic Packaging International, Inc. ("Graphic Packaging"), a wholly-owned subsidiary of Graphic Packaging Holding Company (NYSE: GPK), announced today that, in connection with its cash tender offer for up to $225 million aggregate principal amount of its 8.50% senior unsecured notes due August 2011, it intends to offer, pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, $245 million aggregate principal amount of Senior Notes due 2017.
The Senior Notes will be guaranteed by Graphic Packaging Holding Company and Graphic Packaging Corporation as well as by certain of Graphic Packaging’s domestic subsidiaries who have guaranteed obligations under its senior credit facilities, existing notes and certain other indebtedness.
The net proceeds from the offering, together with cash on hand, will be used solely to refinance, through a tender offer, $225 million aggregate principal amount of the 2011 notes, to pay accrued interest on the 2011 notes, to pay all fees and expenses incurred in connection with the offering and the cash tender offer and to pay any applicable early tender premium. To the extent that there are net proceeds remaining after purchasing any 2011 notes tendered, or if the tender offer is not consummated, Graphic Packaging intends to use the net proceeds from the offering to redeem 2011 notes pursuant to the terms of the indenture governing the 2011 notes.
The new Senior Notes have not been registered under the Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and any applicable state securities laws.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.