Graham Packaging Announces Pricing of Its Initial Public Offering

YORK, Pa., Feb. 10 /PRNewswire-FirstCall/ -- Graham Packaging Company Inc. ("Graham Packaging"), a leading supplier of customized blow molded plastic containers, today announced the pricing of its initial public offering of 16,666,667 shares of its common stock at $10.00 per share.  The shares are expected to begin trading on the New York Stock Exchange on February 11, 2009 under the ticker symbol "GRM," and the offering is expected to close on February 17, 2010.  Graham Packaging has granted the underwriters a 30-day option to purchase up to an additional 2,500,000 shares at the initial public offering price.

Graham Packaging expects to contribute the majority of the net proceeds from the offering to its indirect subsidiary, Graham Packaging Company, L.P. (the "Operating Company"), to repay a portion of its indebtedness, and the remaining net proceeds primarily to pay a one-time termination fee under Graham Packaging's Monitoring Agreement.  Any additional proceeds received as a result of the exercise of the underwriters' option to purchase additional shares will be contributed to the Operating Company to repay additional indebtedness.

Citi, Goldman, Sachs & Co. and Deutsche Bank Securities are acting as joint bookrunning managers for the offering.  BofA Merrill Lynch, UBS Investment Bank, KeyBanc Capital Markets, Baird and Chapin Davis Inc. are acting as co-managers.  

A registration statement relating to shares of the common stock of Graham Packaging has been declared effective by the U.S. Securities and Exchange Commission.  This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of such shares of common stock in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering of these securities will be made only by means of a prospectus, copies of which may be obtained from Citi at Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, telephone: (800) 831-9146, email: batprospectusciti.com, Goldman, Sachs & Co. at Prospectus Department, 85 Broad Street, New York, New York 10004, facsimile: 212-902-9316, email: prospectus-ny@ny.email.gs.com and Deutsche Bank Securities Inc., at Attn: Prospectus  Department, 100 Plaza One, Jersey City, New Jersey 07311, telephone: (800) 503-4611, email:  prospectusrequest@list.db.com.

About Graham Packaging

Graham Packaging is a leading U.S. supplier of plastic containers for hot-fill juice and juice drinks, sports drinks, drinkable yogurt and smoothies, nutritional supplements, wide-mouth food, dressings, condiments and beers; the leading global supplier of plastic containers for yogurt drinks; a leading supplier of plastic containers for liquid fabric care products, dish care products and hard-surface cleaners; and the leading supplier in the U.S., Canada and Brazil of one-quart/liter plastic motor oil containers.

FORWARD-LOOKING STATEMENTS

Information provided and statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements only speak as of the date of this press release and Graham Packaging assumes no obligation to update the information included in this press release.  Such forward-looking statements include statements regarding the closing of the offering, the anticipated issuance of shares of Graham Packaging common stock and the expected use of proceeds from the offering.  These statements often include words such as "approximate," "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions.  These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about Graham Packaging's industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond Graham Packaging's control.  Accordingly, readers are cautioned that any such forward-looking statements are not guarantees of future performance or occurrence of events and are subject to certain risks, uncertainties and assumptions that are difficult to predict.  Although Graham Packaging believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements.  Unless otherwise required by law, Graham Packaging also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made in this press release.

SOURCE Graham Packaging Company Inc.




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