J.P. Morgan kicked off syndication last Monday for a refinancing for Graphic Packaging Corp. The deal refinances the company's existing "A" and "B" loan into a $1.256 billion "C" loan. The new "C" tranche is being offered at LIBOR plus 2 1/2%. The existing term loans are priced at LIBOR plus 2 3/4%.
Graphic Packaging provides paperboard solutions to beverage and consumer product companies. "It's a name everybody loves, so it will have no issues," a buysider noted. "They have a huge market share--they're really good at what they do." Scott Wenhold, the company's v.p. and treasurer, and a J.P. Morgan spokesman declined comment.