Blackstone\'s Graham Packaging Steps Gingerly Into a SPAC Pact

Tag : blow moulded products

Graham Packaging Holdings Co., after some 10 years of ownership byBlackstone Group LP, is braving the public markets. But it is doingso carefully to avoid tripping change-in-control provisions in itsdebt that likely would saddle the company with a much lessfavorable capital structure.
The packaging company has agreed in principle to combine with HicksAcquisition Co., a blank-check company launched by buyout veteranThomas O. Hicks, in a deal valued at $3.2 billion. Also known asspecial-purpose acquisition companies, blank-check companies areessentially empty shells that plan to buy a business with theproceeds from a public .