Graphic Packaging calls $20 million of its 8½% senior notes

By Jennifer Chiou

New York, Aug. 4 - Graphic Packaging International, Inc. announced that it will redeem $20 million of its 8½% senior notes due 2011 on Sept. 4.

The company said it will pay par plus accrued interest.

The subsidiary of Graphic Packaging Holding Co. previously received tenders for $398,804,000 of its 8½% notes during a tender offer that expired at 8 a.m. ET on June 29.

The offer to purchase up to $225 million of the notes began on June 1 and because the offer was oversubscribed, the amount of notes purchased was prorated.

"I am pleased to be able to prepay a portion of these notes. The redemption of these notes demonstrates our continuing commitment to reducing the company's debt as quickly as possible," David W. Scheible, president and chief executive officer, said in a news release.

U.S. Bank NA is the trustee.

Graphic Packaging is a Marietta, Ga., paperboard packaging company.

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