Plastipak Announces Conditional Full Redemption of 6.250% Senior Notes due 2025

PLYMOUTH, Mich., Nov. 3, 2021 /PRNewswire/ -- Plastipak Holdings, Inc. ("Plastipak") today announced that it has given notice of its intention to redeem all of the outstanding $500 million aggregate principal amount of its 6.250% Senior Notes due 2025 (the "2025 Notes") on December 3, 2021 (such date, as it may be delayed as described below, the "Redemption Date").  The redemption price for the 2025 Notes will be equal to 101.563% of the principal amount thereof, plus accrued and unpaid interest on the 2025 Notes from and including October 15, 2021 (the most recent interest payment date) to, but excluding, the Redemption Date.

Plastipak's obligation to redeem the 2025 Notes is subject to the completion of a debt financing that will provide funds sufficient to pay the redemption price in full (the "Financing Condition").  Accordingly, the Redemption Date for the 2025 Notes may be extended until the Financing Condition is satisfied or waived by Plastipak in its sole discretion.  If the Financing Condition is not satisfied, Plastipak may elect to rescind the notice of redemption for the 2025 Notes, terminate the redemption and return any tendered 2025 Notes to the holders thereof.  If the Redemption Date is extended or the redemption is terminated, Plastipak will provide notice to holders of the 2025 Notes no later than 5:00 p.m. New York time on the business day immediately preceding the Redemption Date.   

Unless Plastipak defaults in paying the redemption price in full for the 2025 Notes on the Redemption Date and assuming the notice of redemption is not rescinded, interest on the 2025 Notes shall cease to accrue on and after the Redemption Date, and the only remaining right of the holders of the 2025 Notes will be to receive payment of the redemption price upon surrender of their 2025 Notes.

Computershare Trust Company, N.A., as agent for Wells Fargo Bank, National Association is serving as Trustee and Paying Agent for the 2025 Notes.

This press release is for information purposes only and shall not constitute the official notice of redemption for the 2025 Notes required under the indenture governing the 2025 Notes, which notice shall be provided by the Trustee on behalf of Plastipak. 

Plastipak is a global leader in plastic packaging and recycling solutions. With innovation as a key driver, Plastipak operates 41 manufacturing sites globally, with more than 5,800 employees. Its customers include some of the world's most respected and recognized consumer brands. Plastipak is a leading innovator in the packaging industry, holding more than 1,500 patents globally for its state-of- the-art package designs and manufacturing processes. Plastipak's development of award-winning technologies and commitment to sustainability reflect its dedication to putting Consumers First, Always!™ Plastipak was founded in 1967, and is headquartered in Plymouth, Michigan.

SOURCE Plastipak Holdings, Inc.

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