SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
X	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Blackstone Holdings I L.P. (Last) (First) (Middle) C/O THE BLACKSTONE GROUP INC. 345 PARK AVENUE, 28TH FLOOR (Street) NEW YORK NY 10154 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol Ranpak Holdings Corp. [ PACK ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 09/04/2020
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/04/2020		J(3)		484,352	A	(3)	4,375,852	I	See Footnotes(1)(4)(5)(7)
Class A Common Stock	09/04/2020		J(3)		78,848	A	(3)	712,348	I	See Footnotes(2)(4)(5)(7)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrant (right to buy)	$11.5	09/04/2020		J(3)			2,201,600	(6)	(6)	Class A Common Stock	2,201,600	(3)	0	I	See Footnotes(1)(4)(5)(7)
Warrant (right to buy)	$11.5	09/04/2020		J(3)			358,400	(6)	(6)	Class A Common Stock	358,400	(3)	0	I	See Footnotes(2)(4)(5)(7)

1. Name and Address of Reporting Person* Blackstone Holdings I L.P. (Last) (First) (Middle) C/O THE BLACKSTONE GROUP INC. 345 PARK AVENUE, 28TH FLOOR (Street) NEW YORK NY 10154 (City) (State) (Zip)

1. Name and Address of Reporting Person* BSOF Master Fund L.P. (Last) (First) (Middle) C/O THE BLACKSTONE GROUP L.P. 345 PARK AVENUE, 28TH FLOOR (Street) NEW YORK NY 10154 (City) (State) (Zip)

1. Name and Address of Reporting Person* BSOF Master Fund II L.P. (Last) (First) (Middle) C/O THE BLACKSTONE GROUP L.P. 345 PARK AVENUE, 28TH FLOOR (Street) NEW YORK NY 10154 (City) (State) (Zip)

1. Name and Address of Reporting Person* Blackstone Strategic Opportunity Associates L.L.C. (Last) (First) (Middle) C/O THE BLACKSTONE GROUP L.P. 345 PARK AVENUE, 28TH FLOOR (Street) NEW YORK NY 10154 (City) (State) (Zip)

1. Name and Address of Reporting Person* Blackstone Alternative Solutions L.L.C. (Last) (First) (Middle) C/O THE BLACKSTONE GROUP L.P. 345 PARK AVENUE, 28TH FLOOR (Street) NEW YORK NY 10154 (City) (State) (Zip)

1. Name and Address of Reporting Person* Blackstone Holdings II L.P. (Last) (First) (Middle) C/O THE BLACKSTONE GROUP INC. 345 PARK AVENUE, 28TH FLOOR (Street) NEW YORK NY 10154 (City) (State) (Zip)

1. Name and Address of Reporting Person* Blackstone Holdings I/II GP L.L.C. (Last) (First) (Middle) C/O THE BLACKSTONE GROUP INC. 345 PARK AVENUE, 28TH FLOOR (Street) NEW YORK NY 10154 (City) (State) (Zip)

1. Name and Address of Reporting Person* Blackstone Group Inc (Last) (First) (Middle) 345 PARK AVENUE (Street) NEW YORK NY 10154 (City) (State) (Zip)

1. Name and Address of Reporting Person* Blackstone Group Management L.L.C. (Last) (First) (Middle) C/O THE BLACKSTONE GROUP INC. 345 PARK AVENUE, 28TH FLOOR (Street) NEW YORK NY 10154 (City) (State) (Zip)

1. Name and Address of Reporting Person* SCHWARZMAN STEPHEN A (Last) (First) (Middle) C/O THE BLACKSTONE GROUP INC. 345 PARK AVENUE, 28TH FLOOR (Street) NEW YORK NY 10154 (City) (State) (Zip)

Explanation of Responses:

1. Reflects securities of Ranpak Holdings Corp. (the "Issuer") directly held by BSOF Master Fund L.P. ("BSOF").

2. Reflects securities of the Issuer directly held by BSOF Master Fund II L.P. ("BSOF II", and together with BSOF, the "BSOF Funds").

3. Pursuant to a registered exchange offer by the Issuer, the BSOF Funds tendered to the Issuer all of the warrants to purchase Class A Common Stock of the Issuer held by them and received 0.22 shares of Class A Common Stock for each of warrant tendered.

4. Blackstone Strategic Opportunity Associates L.L.C. ("BSOA") is the general partner of each of the BSOF Funds. Blackstone Holdings II L.P. ("Holdings II") is the sole member of BSOA. Blackstone Alternative Solutions L.L.C. ("BAS") is the investment manager of each of the BSOF Funds. Blackstone Holdings I L.P. ("Holdings I") is the sole member of BAS. Blackstone Holdings I/II GP L.L.C. ("Holdings GP") is the general partner of each of Holdings I and Holdings II. The Blackstone Group Inc. ("Blackstone") is the sole member of Holdings GP. Blackstone Group Management L.L.C. ("Blackstone Management") is the sole holder of the Class C common stock of Blackstone. Blackstone Management is wholly owned by its senior managing directors and controlled by its founder, Stephen A. Schwarzman.

5. (Continued from footnote 4) Each such Reporting Person may be deemed to exercise voting and investment power over the securities of the Issuer directly held by the BSOF Funds directly or indirectly controlled by it or him and thus may be deemed to beneficially own such securities. Each of the Reporting Persons (other than BSOF I and BSOF II to the extent each directly holds securities of the Issuer), disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, and this report shall not be deemed an admission that any of the Reporting Persons (other than BSOF I and BSOF II to the extent each directly holds securities of the Issuer) is the beneficial owner of such securities for purposes of Section 16 or any other purpose.

6. The warrants to purchase shares of Class A Common Stock of the Issuer were exercisable 30 days after June 3, 2019 and were set to expire five years after June 3, 2019 or earlier upon redemption or liquidation.

7. Information with respect to each of the Reporting Persons is given solely by such Reporting Person, and no Reporting Person has responsibility for the accuracy or completeness of information supplied by another Reporting Person.

Remarks:

	BLACKSTONE HOLDINGS I L.P., By: Blackstone Holdings I/II GP L.L.C., its general partner, By: The Blackstone Group Inc., its sole member, Name: /s/ John G. Finley, Title: Chief Legal Officer	09/04/2020
	BSOF MASTER FUND L.P., By: Blackstone Strategic Opportunity Associates L.L.C., its general partner, Name: /s/ Peter Koffler, Title: Authorized Person	09/04/2020
	BSOF MASTER FUND II L.P., By: Blackstone Strategic Opportunity Associates L.L.C., its general partner, Name: /s/ Peter Koffler, Title: Authorized Person	09/04/2020
	BLACKSTONE STRATEGIC OPPORTUNITY ASSOCIATES L.L.C., Name: /s/ Peter Koffler, Title: Authorized Person	09/04/2020
	BLACKSTONE ALTERNATIVE SOLUTIONS L.L.C., Name: /s/ Peter Koffler, Title: Authorized Person	09/04/2020
	BLACKSTONE HOLDINGS II L.P., By: Blackstone Holdings I/II GP L.L.C., its general partner, By: The Blackstone Group Inc., its sole member, Name: /s/ John G. Finley, Title: Chief Legal Officer	09/04/2020
	BLACKSTONE HOLDINGS I/II GP L.L.C., By: The Blackstone Group Inc., its sole member, Name: /s/ John G. Finley, Title: Chief Legal Officer	09/04/2020
	THE BLACKSTONE GROUP INC., Name: /s/ John G. Finley, Title: Chief Legal Officer	09/04/2020
	BLACKSTONE GROUP MANAGEMENT, L.L.C., Name: /s/ John G. Finley, Title: Chief Legal Officer	09/04/2020
	STEPHEN A. SCHWARZMAN, Name: /s/ Stephen A. Schwarzman	09/04/2020
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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