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Graphic Packaging Holding Company Announces New $2 Billion Senior Secured Refinancing

MARIETTA, Ga., March 16, 2012 /PRNewswire/ -- Graphic Packaging Holding Company (NYSE: GPK), a leading provider of packaging solutions to food, beverage and other consumer products companies, today announced that its subsidiary, Graphic Packaging International, Inc., has entered into $2.0 billion amended and restated senior secured credit facilities with a syndicate of lenders consisting primarily of commercial banks. The new senior secured facilities consist of a $1.0 billion revolving credit facility and a $1.0 billion Term Loan A, both due on March 16, 2017.  Both the revolver and the term loan will have an initial interest rate of LIBOR plus 225 basis points, with future pricing based on a total leverage grid.  Approximately $1.53 billion of the new facilities were drawn at closing which, when combined with cash on hand, was used to repay approximately $1.68 billion of outstanding term loans due in May 2014, leaving approximately $475 million undrawn under the new revolving credit facility. 

"I am very pleased that we were able to complete our $2 billion refinancing entirely in the pro rata bank market," said David W. Scheible, President and Chief Executive Officer.  "We appreciate the confidence the 31 commercial banks and the Farm Credit system are demonstrating in us with their participation in the new financing.  At the same time, I would like to thank our prior institutional lenders for their years of support. The new credit facility provides us with attractively priced financing and gives us the financial flexibility necessary to meet our operating and strategic goals."

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Goldman Sachs Bank USA and SunTrust Robinson Humphrey, Inc. acted as joint lead arrangers and joint book running managers for the transaction.

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