Packaging Corp. of America to price $550 million split-rated notes in two tranches this week

By Paul A. Harris

St. Louis, July 14 - Packaging Corp. of America is expected to price a split-rated offering of $550 million senior notes due 2008 and 2013 (Ba1/BBB-) this week, according to an informed source.

Morgan Stanley and Citigroup are joint bookrunners on the Rule 144A/Regulation S offering.

Proceeds together with available cash and a new credit facility will be used to purchase the company's outstanding $550 million of 9 5/8% Series B senior subordinated notes.

Lake Forest, Ill.-based Packaging Corp. produces containerboard and corrugated packaging products.

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