Commentary & Deal Flow

Graphic Packaging Intl LLC (GPK) approx $735m equivalent (US$/EUR) 144A/Reg S sr notes 2-part. Ba2/BB (stable/stable). 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. Euro notes list Lux. NY law.

- $400m due 02/01/30 (8.25y). NCL (6mo par call). Equity claw: 3y 35%. IPT: very low 4s. Px talk: 3.75% area.

- EUR290m due 02/01/29 (7.25y). NCL (6mo par call). Equity claw: 3y 35%. IPT: 3% area. Px talk: 2.75% area.

Roadshow 11/08-09 (investor call at 10am NYT / 3pm UKT 11/08). Books close at 11am NYT / 4pm UKT today. Pricing today. UOP: along with $10m cash on hand, the US$ notes will be used to repay its $400m incremental term loan A-4, which was incurred to finance a portion of the acquisition of AR Packaging Group AB from CVC for $1.49bn; the EUR notes will be used to repay $337m of the $1.069bn drawn on its revolver, a portion of which was drawn to finance the acquisition of AR Packaging Group. Biz: paper packaging for the beverage, food service and other consumer products companies. HQ: Atlanta, GA. (Acquisition announced 05/14/2021).