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PORTOLA PACKAGING, INC. ANNOUNCES PROPOSED
PRIVATE OFFERING OF SENIOR NOTES
SAN JOSE, CA (December 9, 2003) — Portola Packaging,
Inc. announced today that it intends to offer, subject to market
and other conditions, $180 million aggregate principal amount
of its Senior Notes due 2011, in a private offering. Portola intends
to use the net proceeds of the anticipated offering to redeem
the entire $110 million aggregate principal amount of its 10.75%
Senior Notes due 2005, and to repay approximately $40 million
of outstanding borrowings under its existing senior secured credit
facility, which Portola intends to amend and restate in connection
with the offering. In addition, Portola intends to use up to approximately
$20 million of the net proceeds to redeem outstanding redeemable
warrants and to repurchase outstanding shares of its common stock.
Any remaining net proceeds will be used for general corporate
purposes. The offering will be conducted in accordance with Rule
144A and Regulation S of the Securities Act of 1933.
The securities to be offered will not be registered under the
Securities Act of 1933 or any state securities laws and, unless
so registered, may not be offered or sold in the United States
except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act
of 1933 and applicable state securities laws.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any security and shall not constitute
an offer, solicitation or sale in any jurisdiction in which such
offering would be unlawful.
FOR ADDITIONAL INFORMATION CONTACT:
| Jack L. Watts
Chairman and Chief Executive Officer
(408) 573-2345
James A. Taylor
President and Chief Operating Officer
(408) 573-2074
Dennis L. Berg
Vice President and Chief Financial Officer
(408) 573-2039 |
Portola Packaging, Inc.
890 Faulstich Court
San Jose, CA 95112
Web site: www.portpack.com
Phone: (408) 573-2000
(800) 767-8652
Fax: (408) 452-0122
Email: Info@portpack.com
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