Graphic Packaging Holding Company has completed the combination of Graphic Packaging's existing businesses with International Paper's (IP) North America Consumer Packaging business.
Graphic Packaging owns 79.5% of the combined company and will be the sole manager. International Paper will own 20.5% of the combined company. Graphic Packaging has assumed $660 million of International Paper debt and concurrently has amended and restated its senior secured credit agreement.
There is no change to Graphic Packaging's current Board of Directors or leadership team. International Paper has a 2-year lock-up on the monetization of their ownership interest and cannot purchase GPK shares for a period of 5 years, subject to limited exceptions.
On a combined basis, Graphic Packaging is now a leading integrated paper-based packaging company with approximately $6 billion of projected revenue and approximately $1 billion of projected EBITDA post-synergies.
Graphic Packaging is one of the largest producers of folding cartons and paper-based foodservice products in the United States.
