Graphic Packaging Corporation announces new $1,355 million senior secured credit facilities

May 18, 2007. /Lesprom Network/. Graphic Packaging Corporation announced on May 17, 2007 that it has entered into a $1,355 million senior secured credit facility with various lenders and Bank of America, N.A. as administrative agent. The new senior secured credit facilities consist of a $300 million revolving credit facility, due on May 16, 2013, and a $1,055 million term loan facility, due on May 16, 2014. The new revolving credit facility has an interest rate of Libor plus 225 basis points, and the new term loan facility has an interest rate of Libor plus 200 basis points. The new senior secured credit facilities will be used to replace the existing $325 million revolving credit facility, due on August 8, 2009, and the existing $1,275 million term loan facility, due on August 8, 2010. "We are very pleased with the terms of the new credit facilities and appreciate the support of all of our lenders," said David W. Scheible, president and chief executive officer. "These facilities, along with our operating cash flows and cash position, will provide the liquidity and financial flexibility to meet our operating needs and strategic goals." Banc of America Securities LLC and Deutsche Bank Securities Inc. acted as joint lead arrangers in connection with the new facilities, while Banc of America Securities LLC, Deutsche Bank Securities Inc., and Goldman Sachs Credit Partners L.P. acted as joint book managers for the transaction. Graphic Packaging Corporation, headquartered in Marietta, Georgia, is a leading provider of paperboard packaging solutions for a wide variety of products to food, beverage and other consumer products companies.