Blackstone-Backed Graham Packaging Files for $350 Million IPO

(Reuters) – Blackstone-controlled plastic container maker Graham Packaging Co Inc filed with U.S. regulators on Monday to raise up to $350 million in an initial public offering, the latest in a series of attempted private equity-backed offerings.

Immediately prior to the IPO, GPC Capital Corp II, a unit of Graham Packaging Holdings Co., will change its name to Graham Packaging Co, according to the regulatory filing.

Blackstone Group (BX.N) and affiliates hold an 81 percent limited partnership interest in the parent company Graham Packaging Holdings.

In June 2008, special purpose acquisition company Hicks Acquisition Co TOH.A partnered Blackstone to take Graham Packaging public in a 3.2 billion deal. But earlier this year, the companies terminated the deal to look at other transactions.

The filing did not reveal how many shares the company planned to sell or its intended listing symbol and stock exchange. (Reporting by Sayantani Ghosh in Bangalore; Editing by Pradeep Kurup)