Riverwood issues price talk on $850 million notes in two tranches, pricing Friday morning

By Paul A. Harris

St. Louis, July 31 - Price talk emerged Thursday on Riverwood International's $850 million note offering that is set to price Friday morning, according to a syndicate source.

Talk is 7¾%-8% on the eight-year non-call four senior notes (B2/B-) while the 10-year non-call five senior subordinated notes are talked at 100 basis points behind the senior notes.

Goldman Sachs & Co., Deutsche Bank Securities Inc., JP Morgan, Morgan Stanley, Credit Suisse First Boston and Citigroup are joint bookrunners on the Rule 144A deal.

Proceeds will be used to repay debt of Riverwood and Graphic Packaging and to take out the preferred stock of Graphic Packaging.

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