Conyers advises on $4.5bn financing for Reynolds Group acquisition of Graham Packaging - September 2011

Sheba Raza • Posted 08/09/2011 • Under Deals & Cases

Conyers Dill & Pearman advised Credit Suisse on the provision of a US$4.5 billion financing package to Reynolds Group Holdings Limited for its acquisition of Graham Packaging Co. Inc., a leading maker of innovative rigid plastic packaging.

Credit Suisse acted as lead arranger for a consortium of financial institutions. The financing package comprised debt facilities of approximately US$2 billion together with a private placement of US$2.5 billion senior secured and unsecured notes to be issued by various subsidiaries of Reynolds Group Holdings Limited.

Sheba Raza of Conyers’ London office advised on BVI law aspects of the transaction alongside Cravath, Swaine & Moore LLP and Clifford Chance LLP, who advised on the US law and English law aspects of the transaction respectively.

Sheba Raza commented: “This acquisition was funded by a combination of bank debt and high yield bond financing and represents the increased use of complex financing structures by companies seeking diversified sources of funding in the current market to fund expansion strategies.”

Reynolds Group is a leading global manufacturer and supplier of consumer food and beverage packaging and storage products. Based in Auckland, New Zealand, Reynolds Group operates through four primary segments: SIG, Evergreen, Reynolds Consumer and Closure Systems International.