Sec Form 3 Filing - Blackstone Holdings I L.P. @ Ranpak Holdings Corp. - 2019-06-03

FORM 3 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Blackstone Holdings I L.P. 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) (Last) (First) (Middle) C/O THE BLACKSTONE GROUP L.P., 345 PARK AVENUE, 28TH FLOOR 3. Date of Earliest Transaction (MM/DD/YY) 06/03/2019 (Street) NEW YORK, NY10154 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 3,891,500 I See Footnotes ( 1 ) ( 3 ) ( 4 ) ( 6 ) Class A Common Stock 633,500 I See Footnotes ( 2 ) ( 3 ) ( 4 ) ( 6 )

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: 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 Warrants (right to buy) $ 11.5 ( 5 ) ( 5 ) Class A CommonStock 2,201,600 I See Footnotes ( 1 ) ( 3 ) ( 4 ) ( 6 ) Warrants (right to buy) $ 11.5 ( 5 ) ( 5 ) Class A CommonStock 358,400 I See Footnotes ( 2 ) ( 3 ) ( 4 ) ( 6 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Blackstone Holdings I L.P. C/O THE BLACKSTONE GROUP L.P. 345 PARK AVENUE, 28TH FLOOR NEW YORK, NY10154 X BSOF Master Fund L.P. C/O THE BLACKSTONE GROUP L.P. 345 PARK AVENUE, 28TH FLOOR NEW YORK, NY10154 X BSOF Master Fund II L.P. C/O THE BLACKSTONE GROUP L.P. 345 PARK AVENUE, 28TH FLOOR NEW YORK, NY10154 X Blackstone Strategic Opportunity Associates L.L.C. C/O THE BLACKSTONE GROUP L.P. 345 PARK AVENUE, 28TH FLOOR NEW YORK, NY10154 X Blackstone Alternative Solutions L.L.C. C/O THE BLACKSTONE GROUP L.P. 345 PARK AVENUE, 28TH FLOOR NEW YORK, NY10154 X Blackstone Holdings II L.P. C/O THE BLACKSTONE GROUP L.P. 345 PARK AVENUE, 28TH FLOOR NEW YORK, NY10154 X Blackstone Holdings I/II GP Inc C/O THE BLACKSTONE GROUP L.P. 345 PARK AVENUE, 28TH FLOOR NEW YORK, NY10154 X Blackstone Group L.P. 345 PARK AVENUE, 28TH FLOOR NEW YORK, NY10154 X Blackstone Group Management L.L.C. C/O THE BLACKSTONE GROUP L.P 345 PARK AVENUE, 28TH FLOOR NEW YORK, NY10154 X SCHWARZMAN STEPHEN A C/O THE BLACKSTONE GROUP L.P. 345 PARK AVENUE, 28TH FLOOR NEW YORK, NY10154 X Signatures BLACKSTONE HOLDINGS I L.P., By: Blackstone Holdings I/II GP, Inc., its general partner, Name: /s/ Peter Koffler, Title:Authorized Person 06/11/2019 Signature of Reporting Person Date BSOF MASTER FUND L.P., By: Blackstone Strategic Opportunity Associates L.L.C., its general partner, Name: /s/ Peter Koffler, Title: Authorized Person 06/11/2019 Signature of Reporting Person Date BSOF MASTER FUND II L.P., By: Blackstone Strategic Opportunity Associates L.L.C., its general partner, Name: /s/ Peter Koffler, Title: Authorized Person 06/11/2019 Signature of Reporting Person Date BLACKSTONE STRATEGIC OPPORTUNITY ASSOCIATES L.L.C., Name: /s/ Peter Koffler, Title: Authorized Person 06/11/2019 Signature of Reporting Person Date BLACKSTONE ALTERNATIVE SOLUTIONS L.L.C, Name: /s/ Peter Koffler, Title: Authorized Person 06/11/2019 Signature of Reporting Person Date BLACKSTONE HOLDINGS II L.P., By: Blackstone Holdings I/II GP Inc., its general partner, Name: /s/ Peter Koffler, Title: Authorized Person 06/11/2019 Signature of Reporting Person Date BLACKSTONE HOLDINGS I/II GP INC., Name: /s/ Peter Koffler, Title: Authorized Person 06/11/2019 Signature of Reporting Person Date THE BLACKSTONE GROUP L.P., By: Blackstone Group Management L.L.C., its general partner, Name: /s/ Stephen A. Schwarzman, Title: Chairman and Chief Executive Officer 06/11/2019 Signature of Reporting Person Date BLACKSTONE GROUP MANAGEMENT, L.L.C., Name: /s/ Stephen A. Schwarzman, Title: Chairman and Chief Executive Officer 06/11/2019 Signature of Reporting Person Date /s/ STEPHEN A. SCHWARZMAN 06/11/2019 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Reflects securities of Ranpak Holdings Corp. (f.k.a. One Madison Corporation, 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 )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 Inc. ("Holdings GP") is the general partner of each of Holdings I and Holdings II. The Blackstone Group L.P. ("Blackstone") is the controlling shareholder of Holdings GP. Blackstone Group Management L.L.C. ("Blackstone Management") is the general partner of Blackstone. Blackstone Management is wholly owned by its senior managing directors and controlled by its founder, Stephen A. Schwarzman. ( 4 )(continued from footnote 3) 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. ( 5 )The warrants to purchase shares of Class A Common Stock of the Issuer are exercisable 30 days after June 3, 2019 and will expire five years after June 3, 2019 or earlier upon redemption or liquidation. ( 6 )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: The Reporting Persons' aggregate percentage of beneficial ownership of Class A Common Stock of the Issuer was diluted below 10% of the outstanding shares of Class A Common Stock due to new issuances of Class A Common Stock, after which due to transactions that took place upon and due to the effect of the consummation of the business combination pursuant to a Stock Purchase Agreement by and among the Issuer, Rack Holdings L.P. ("Seller"), and Rack Holdings, Inc., a direct wholly owned subsidiary of Seller, which closed on June 3, 2019, such aggregate percentage of beneficial ownership of the Reporting Persons again exceeded 10% of the outstanding shares of Class A Common Stock.

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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