Reynolds Group Holdings’s Acquisition of Graham Packaging

On June 17, 2011, Graham Packaging Company Inc. announced the signing of a definitive merger agreement under which Graham Packaging will be acquired by Reynolds Group Holdings Limited in an all-cash transaction for $25.50 per share, or a total of approximately $4.5 billion including assumed indebtedness. Cravath represented Credit Suisse as lead arranger in the fully committed financing to Reynolds to support its all-cash acquisition of Graham Packaging. The transaction is expected to close in the second half of this year.

The Cravath team included partner George F. Schoen and associate Katerina M. Novak on corporate matters and partners Kris F. Heinzelman and Michael S. Goldman and associates Leigh M. Harlan, Stephen M. Kessing and Benjamin G. Joseloff on financing matters. Summer associates K. Kay Lee and Kyle W. Doppelt also worked on corporate and financing matters, respectively.