YORK, Pa., Aug. 20, 2011 /PRNewswire/ -- Graham Packaging
Company Inc.'s (NYSE: GRM) ("Graham") wholly-owned subsidiaries
Graham Packaging Company, L.P. and GPC Capital Corp. I
(collectively, the "Issuers") announced today the expiration of the
previously announced tender offer for any and all of their 9.875%
Senior Subordinated Notes due 2014 (the "Subordinated Notes") set
forth in the Offer to Purchase and Consent Solicitation Statement
dated July 6, 2011, as supplemented
by Supplement No. 1 dated July 18,
2011 (together, the "Statement"). In addition, the Issuers
have waived the Merger Transaction Condition set forth in the
Statement.
As of 5:00 p.m., New York City time, on August 19, 2011, $20,455,000 aggregate principal amount of
Subordinated Notes were validly tendered (and not validly
withdrawn) in the tender offer. All of the Subordinated Notes that
were validly tendered (and not validly withdrawn) prior to the
expiration of the tender offer have been accepted for purchase by
the Issuers. All holders of the Subordinated Notes that were
accepted for purchase will be entitled to receive the base offer
consideration of $995 per
$1,000 principal amount of
Subordinated Notes validly tendered (and not validly withdrawn),
plus accrued and unpaid interest. In addition, holders that validly
tendered (and did not validly withdraw) Subordinated Notes prior to
the Early Tender/Consent Deadline (as defined in the Statement)
will be entitled to also receive the early tender premium of
$10 per $1,000 principal amount of such Subordinated
Notes.
Graham previously announced that the Issuers have received the
Requisite Consents (as defined in the Statement) with respect to
the Subordinated Notes to adopt the proposed amendments that were
the subject of the consent solicitation for such notes.
Holders of $230,835,000
aggregate principal amount of Subordinated Notes validly delivered
Consents (as defined in the Statement) (and did not validly revoke
such Consents) with respect to Subordinated Notes held as of the
record date prior to the Early Tender/Consent Deadline. All
Consents validly delivered (and not validly revoked) were accepted
by the Issuers. All holders of Subordinated Notes for which
Consents were accepted will be entitled to receive the consent fee
of $15 per $1,000 principal amount of Subordinated Notes for
which such Consents were validly delivered (and not validly
revoked).
The settlement of the tender offer and consent solicitation is
expected to occur on August 25,
2011.
The Issuers engaged Credit Suisse Securities (USA) LLC ("Credit Suisse") as Dealer Manager
for the tender offers and as Solicitation Agent for the consent
solicitations. Persons with questions regarding the tender offers
and consent solicitations should contact Credit Suisse at (800)
820-1653 (toll free) or (212) 538-2147 (collect). Requests for
copies of the Statement or other tender offer materials may be
directed to D.F. King & Co.,
Inc., the Information Agent, at (800) 714-3312 (toll free), (212)
269-5550 (collect) or graham@dfking.com.
This press release is for informational purposes only and does
not constitute an offer to buy or the solicitation of an offer to
sell the Subordinated Notes. The tender offer and consent
solicitation with respect to the Subordinated Notes was made only
pursuant to the Statement and related materials. Noteholders and
investors should read carefully the Statement and related materials
because they contain important information, including the various
terms of and conditions to such tender offer and consent
solicitation.
Contact:
David Bullock
Chief Financial Officer
(717) 849-8500
Jeff Grossman
(717) 771-3220
InvestorRelations@grahampackaging.com
SOURCE Graham Packaging Company Inc.