Commentary & Deal Flow

+++Corrects US$ tranche size in the headline: $400m (not $450m)+++

Graphic Packaging Intl LLC (GPK) approx $735m equivalent (US$/EUR) 144A/Reg S sr notes 2-part.  Existing Ba2/BB+. Via BofA/FITB/Mizuho/PNC/Rabo/SMBC Nicko/TD/TSI/WFS joint books, BNPP, CapOne, Citizens, GS, JPM, Regions, USB as co-managers. No reg rights. List Lux.

   - $400m due 2030 (8.25y). NCL (6mo par call). Equity claw: 3y 35%. IPT: very low 4s.

    - EUR290m due 2029 (7.25y). NCL (6mo par call). Equity claw: 3y 35%. IPT: 3% area.

Roadshow today/tomorrow (investor call at 10am NYT / 3pm UKT today). UOP: the US$ notes will be used to repay its incremental term loan A-4, which was incurred to finance a portion of the acquisition of AR Packaging Group AB; the EUR notes will be used to repay its revolver, a portion of which was drawn to finance the AR Acquisition. Biz: paper packaging for the beverage, food service and other consumer products companies. HQ: Atlanta, GA