Packaging Corp (PKG) completes term loan drawdown after senior note filing

Rhea-AI Filing Summary

Packaging Corporation of America (PKG) filed an 8-K referencing an earlier 8-K dated August 6, 2025 and a Current Report dated August 15, 2025 that described a senior note offering. The filing states that on September 2, 2025 the company fully drew down its Term Loan Facilities. The report is signed by Kent A. Pflederer, Executive Vice President and Chief Financial Officer.

Positive

• Full drawdown of Term Loan Facilities on September 2, 2025, indicating execution of planned financing
• Transparency through incorporation by reference to prior 8-K and Current Report describing the senior note offering

Negative

• None.

Insights

Corporate Finance Analyst

TL;DR: PKG completed full drawdown of its term loan facilities on September 2, 2025, after previously disclosing a senior note offering.

The filing cross-references an 8-K dated August 6, 2025 and a Current Report dated August 15, 2025 that described a senior note offering, indicating the company has been executing a financing plan. The explicit action reported here is the full drawdown of the term loan facilities, which is a discrete financing event increasing available debt proceeds. Documentation is concise and limited to disclosure and signature; details such as facility size, pricing, covenants, use of proceeds, or effects on liquidity and leverage are not provided in this text and would require examination of the referenced filings for full context.

Debt Markets Specialist

TL;DR: The company has completed a scheduled financing step by drawing its term loans, consistent with earlier disclosures about a senior note offering.

The explicit full drawdown on September 2, 2025 suggests execution of planned debt financing. This is a material operational step for capital structure management because it converts committed facilities into outstanding borrowings. However, this snippet lacks quantitative terms and intended use of proceeds; investors should refer to the incorporated August filings for pricing and covenant details to assess credit and liquidity impact.

PACKAGING CORP OF AMERICA false 0000075677 0000075677 2025-08-31 2025-08-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): August 31, 2025

Packaging Corporation of America

(Exact name of registrant as specified in its charter)

Delaware		1-15399		36-4277050
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

1 N. Field Court, Lake Forest, Illinois 60045

(Address of Principal Executive Offices, including Zip Code)

(847) 482-3000

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2 (b))

☐ Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4 (c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		PKG		New York Stock Exchange

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

The disclosure under Item 8.01 is incorporated herein by reference.

Item 8.01. Other Events.

Pursuant to the terms and conditions of the Purchase and Sale Agreement, dated June 30, 2025 (the “Purchase Agreement”), between Packaging Corporation of America (“PCA”), Greif, Inc. (“Greif”) and Greif Packaging LLC, PCA completed the acquisition (the “Acquisition”) of the containerboard business of Greif for approximately $1.8 billion in cash. The Greif containerboard business includes two containerboard mills with approximately 800,000 tons of production capacity and eight sheet feeder and corrugated plants located across the United States. The closing of the transactions contemplated by the Purchase Agreement was effective on August 31, 2025. A description of the Purchase Agreement and the transactions contemplated thereby was included in Item 1.01 of PCA’s Current Report on Form 8-K dated July 3, 2025, which is incorporated into this Item 8.01 by reference.

PCA funded the purchase price for the Acquisition with approximately $300 million of cash on hand and the net proceeds of $1.5 billion of new borrowings under term loan facilities under previously disclosed credit agreements (the “Term Loan Facilities”) and a previously disclosed senior note offering. A description of the Term Loan Facilities was included in Item 1.01 of PCA’s Current Report on Form 8-K dated August 6, 2025, which is incorporated herein by reference. A description of the senior note offering was included in Item 8.01 of PCA’s Current Report on Form 8-K dated August 15, 2025, which is incorporated herein by reference. On September 2, 2025, PCA fully drew down the Term Loan Facilities.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PACKAGING CORPORATION OF AMERICA
				(Registrant)
		By:		/s/ Kent A. Pflederer
				Executive Vice President and Chief Financial Officer

Date: September 2, 2025

FAQ

What action did Packaging Corporation of America (PKG) report in this 8-K?

The company reported that it fully drew down its Term Loan Facilities on September 2, 2025 and referenced earlier filings about a senior note offering.

Which prior filings does this 8-K incorporate by reference?

It incorporates an 8-K dated August 6, 2025 and a Current Report dated August 15, 2025 that included a description of the senior note offering.

Who signed the filing for PKG?

The filing was signed by Kent A. Pflederer, Executive Vice President and Chief Financial Officer.

Does this document disclose the size or terms of the term loan or senior notes?

No. This text does not provide amounts, pricing, covenant terms, or use of proceeds; those details must be found in the incorporated August filings.