Business News
Graphic Packaging Announces Acceptance and Payment for Early Tender from Holders of 9.50% Senior Subordinated Notes Due 2013
Wednesday 29. September 2010 - Graphic Packaging International, Inc. ("Graphic Packaging"), a subsidiary of Graphic Packaging Holding Company (NYSE: GPK), announced today that it has accepted for purchase tenders of $209,825,000 aggregate principal amount of its 9.50% Senior Subordinated Notes due 2013 (CUSIP No. 38869PAD6) (the "Notes"). T
he Notes accepted for purchase were tendered at or prior to 5:00 p.m. New York City time, on Tuesday, September 28, 2010 (the “Early Tender Date”), pursuant to Graphic Packaging’s previously announced tender offer for the Notes. The terms and conditions of the tender offer are set forth in Graphic Packaging’s Offer to Purchase and related Letter of Transmittal dated as of September 15, 2010 (the “Offer to Purchase”).
As previously announced in the press release on September 15, 2010, the tender offer will expire at 8:00 a.m., New York City time, on Thursday, October 14, 2010, unless extended (the “Expiration Date”).
As set forth in the Offer to Purchase, Graphic Packaging will accept for purchase only such portion of each holder’s validly tendered Notes such that the aggregate principal amount of Notes purchased in connection with the tender offer does not exceed $250,000,000. If holders tender more than $40,175,000 aggregate principal amount of the Notes after the Early Tender Date and prior to the Expiration Date, and the Notes are accepted for purchase, the amount of Notes that will be purchased will be prorated based on the aggregate principal amount of Notes validly tendered in the tender offer after the Early Tender Date. Pursuant to the Offer to Purchase, tendered Notes may not be withdrawn. All Notes tendered but not accepted for purchase will be promptly returned to tendering holders.
Holders whose Notes have been accepted for purchase on the Early Tender Date will be entitled to receive $1,018.33, payable in cash, for each $1,000.00 principal amount of Notes accepted for purchase, as well as accrued and unpaid interest to, but not including, the early settlement date. Graphic Packaging will settle payment for the Notes accepted for purchase on the Early Tender Date today. Holders who validly tender their Notes after the Early Tender Date but on or prior to the Expiration Date will receive $988.33, payable in cash, for each $1,000 principal amount of Notes accepted for purchase, as well as accrued and unpaid interest to, but not including, the final settlement date. Graphic Packaging expects to settle payment for any remaining Notes accepted for purchase on October 14, 2010.
Graphic Packaging has retained Banc of America Securities LLC as the exclusive dealer manager in connection with the tender offer. Graphic Packaging has retained Global Bondholder Services Corporation to serve as the depository agent and information agent for the tender offer. Questions regarding the tender offer and requests for documents may be directed to Banc of America Securities LLC, Global Debt Advisory Services, at (888) 292-0070 (U.S. toll-free) and (980) 388-9217 (collect). Copies of the Offer to Purchase and related Letter of Transmittal may also be obtained from the information agent, Global Bondholder Services Corporation at (866) 807-2200 (U.S. toll-free) and (212) 430-3774 (collect).
This press release shall not constitute an offer to purchase or a solicitation of an offer to purchase with respect to any securities. Any such offer or solicitation will be made only by means of the Offer to Purchase dated September 15, 2010.