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Graphic Packaging - closing of $180 M senior notes offering 27 Aug 2009

Graphic Packaging International, Inc. announced the completion of its previously announced private offering of $180 million aggregate principal amount of its 9.50% senior notes due 2017 (the "Senior Notes").
The Senior Notes are guaranteed by Graphic Packaging Holding Company and Graphic Packaging Corporation, as well as by certain of Graphic Packaging's domestic subsidiaries who have guaranteed obligations under its senior credit facilities, existing notes and certain other indebtedness (the "Guarantors").
 
The Senior Notes were sold only to qualified institutional buyers in accordance with Rule 144A of the Securities Act of 1933, as amended, and outside the United States to non-U.S. persons, in reliance on Regulation S.
 
The gross proceeds from the offering are approximately $185.4 million. The proceeds from the offering will be used to redeem the remaining approximately $180 million aggregate principal amount of Graphic Packaging's 8.50% senior notes due 2011, to pay accrued interest on the 2011 notes and to pay fees and expenses incurred in connection with the offering and the redemption.
 
"We are pleased with both the execution and the pricing of this new bond issuance," said David W. Scheible, Graphic Packaging's President and Chief Executive Officer. "We were able to take advantage of favorable market conditions and as a result, Graphic Packaging now has no significant debt maturities until 2013."
 
The Senior Notes have not been registered under the Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and any applicable state securities laws.
 
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