By Wendy Van Sickle
Columbus, Ohio, Sept. 9 – Graphic Packaging International LLC announced a $100 million 4% tax-exempt green bond due 2061 with a mandatory purchase date of Oct 1, 2026, according to a news release.
The bonds will be sold at a price of 110.99 for an all-in yield of 1.7%.
The offering is being conducted through the Michigan Strategic Fund Private Activity Bond Program, which will be the issuer.
Proceeds from the offering will be used to reimburse Graphic Packaging for a portion of its estimated $600 million coated recycled board platform optimization project that includes the construction of a new machine at its Kalamazoo, Mich., mill. When fully ramped up in 2022, the new machine is expected to recycle about 500,000 tons of secondary fiber into 500,000 tons of new finished roll-stock a year.
Graphic Packaging is an Atlanta-based consumer packaging manufacturer.
| Issuer: | Michigan Strategic Fund Private Activity Bond Program
|
| Issue: | Tax-exempt green bond
|
| Maturity date: | 2061
|
| Mandatory purchase date: Oct. 1, 2026
|
| Coupon: | 4%
|
| Issue price: | 110.99
|
| All-in yield: | 1.7%
|
| Announcement date: | Sept. 9
|
| Settlement date: | Sept. 29
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
