PRETIUM ANNOUNCES AGREEMENT WITH LENDERS TO SUPPORT ITS CONTINUED GROWTH AND PROFITABILITY PLAN

Transaction will reduce net debt and provide Pretium with enhanced liquidity to capitalize on ongoing operational initiatives to strengthen its financial profile and drive growth

ST. LOUIS, Oct. 2, 2023  /PRNewswire/ -- Pretium Packaging, L.L.C. ("Pretium" or the "Company") today announced that it reached an agreement with a majority of its first lien lenders for a comprehensive transaction that includes new debt financing and an exchange of existing debt. The transaction will provide the Company with enhanced liquidity and reduce net debt. All existing first lien lenders will be offered the opportunity to participate in the transaction.

Pretium is a leading full-service designer and producer of sustainable packaging solutions for specialized applications across a diverse set of end markets spanning food and specialty beverage, healthcare, wellness, personal care, and household & commercial chemical. The Company has an international footprint of 25 highly automated operating plants with a complete spectrum of engineering, production, and resin technologies. Pretium's multi-use packaging solutions are based primarily on PET, HPDE, and polypropylene resin and include a wide array of post-consumer recycled materials, making it a leading choice for customers focused on sustainability.

"We would like to thank our lenders and sponsors for their continued support and partnership as we pursue the next phase of Pretium's growth," said Paul Kayser, CEO, and Adam Doane, COO, of Pretium. "The transaction enables the Company to fortify its balance sheet and provides ample liquidity to capitalize on our growth and profitability initiatives while delivering high-quality and sustainable packaging solutions to our valued customers and continuing to build upon our long-term relationships with our supply partners."

Evercore Group LLC served as exclusive financial advisor, and Kirkland & Ellis LLP served as exclusive legal advisor to the Company.

Davis Polk & Wardwell LLP served as exclusive legal advisor to the ad hoc group of lenders.

About Pretium
Pretium specializes in innovation and automation of multiple rigid packaging technologies in a diverse set of end markets including food and specialty beverage, healthcare, health and wellness, personal care and beauty, and household and commercial products. The company's multi-use packaging solutions are based primarily on PET, HDPE, and polypropylene resin, with a wide array of options including up to 100% post-consumer recycled material content, making it a preferred choice for customers focused on sustainability. Pretium differentiates itself through responsiveness, breadth of product offerings, short changeover times, and a national footprint of 25 automated manufacturing facilities. More information is available at www.pretiumpkg.com.

Media Contacts

For Pretium:
Marny Bielefeldt
Ph: +1 314 427 4300 x 51183
marny.bielefeldt@pretiumpkg.com

SOURCE Pretium Packaging