This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

Forward Looking Statements

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,889.91 +99.72 0.59%
S&P 500 1,989.46 +9.54 0.48%
NASDAQ 4,777.13 +28.7690 0.61%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs