Graphic Packaging International nets $238.4 million in private senior notes offering

Graphic Packaging nets $238.4M in debt sale

MARIETTA, Ga. — Consumer products packaging maker Graphic Packaging International Inc. on Tuesday said it completed a private debt offering it will use to buy back other debt.

The subsidiary of Graphic Packing Holding Co. said it closed the sale of $245 million of its 9.5 percent senior notes due 2017. The notes were sold to institutional buyers.

The proceeds from the offering total about $238.4 million after deducting the original issue discount. The company said it will use the cash to refinance $225 million of notes due 2011, through a tender offer.

Graphic Packaging shares closed down 10 cents, or 5.1 percent, at $1.85.