Plastipak Holdings, Inc. Announces Completion Of Tender Offer For Its 10.625% Senior Notes Due 2019

PLYMOUTH, Mich., Oct. 22, 2013 /PRNewswire/ -- Plastipak Holdings, Inc. ("Plastipak," or the "Company") today announced the completion of its previously announced tender offer to purchase for cash any and all of its outstanding 10.625% Senior Notes due 2019 (the "Notes"), pursuant to the terms and conditions of the Offer to Purchase and Consent Solicitation Statement, dated September 23, 2013, and the related Letter of Transmittal and Consent.  The tender offer expired at 11:59 p.m., New York City time, on Monday, October 21, 2013.

Plastipak received no new tenders or consents subsequent to its purchase for cash on October 7, 2013 of $203,129,000 aggregate principal amount of Notes, or approximately 90.28% of the principal amount of Notes outstanding.  Following completion of the tender offer, $21,871,000 aggregate principal amount of the Notes remain outstanding.

As previously announced, Plastipak has called for redemption all of the Notes that remain outstanding following consummation of the tender offer and consent solicitation.  Redemption of the Notes that remain outstanding is expected to occur on November 13, 2013 (the "Redemption Date").  The redemption price is 100% of the principal amount of Notes to be redeemed, plus the "Applicable Premium" (as defined in the Indenture governing the Notes), plus accrued and unpaid interest to, but not including, the Redemption Date.

J.P. Morgan Securities LLC acted as dealer manager for the tender offer and as solicitation agent for the consent solicitation.  i-Deal LLC was the depositary and information agent for the tender offer and the consent solicitation.

About Plastipak Holdings, Inc.

Plastipak is a leading global designer, manufacturer and distributor of rigid plastic packaging containers and preforms for many of the world's largest consumer products companies. For the twelve months ended August 3, 2013, we manufactured and distributed approximately 9.5 billion containers and 12.1 billion preforms worldwide to over 460 customers as we operate in 27 strategic sites across the globe. We have been awarded over 420 U.S. patents (and over 800 foreign patents) for our state-of-the-art package designs and manufacturing processes as technological creativity is our competitive advantage as we deliver innovative choices for consumers while managing their packaging costs and branding their products. Additional information about Plastipak can be found at our website located at  www.plastipak.com.

Forward-Looking Statements

Statements in this press release concerning Plastipak's intentions, expectations or predictions about future results or events are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect management's current expectations or beliefs, and are subject to risks and uncertainties that could cause actual results or events to vary from stated expectations, which variations could be material and adverse.  Forward-looking statements speak only as of the time made, and the Company assumes no obligation to publicly update any such statements.

 

SOURCE Plastipak Holdings, Inc.



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