Pregis Announces Redemption of $150 Million of Senior Subordinated Notes Due 2013 and Remaining euro 25 Million of Senior Secured Floating Rate Notes Due 2013

DEERFIELD, Ill., March 23, 2012 /PRNewswire/ -- Pregis Corporation ("the Company"), a leading international manufacturer, marketer, and supplier of protective packaging solutions, announced today that it plans to redeem the entire $150 million aggregate principal amount of its Senior Subordinated Notes due 2013 as well as the remaining euro 25 million of its Senior Secured Floating Rate Notes due 2013.  Pregis submitted notices of redemption to the trustees for the notes on March 23, 2012, and the principal amount of the notes plus accrued interest will be paid in full as of April 26, 2012. The notes are being redeemed with the proceeds from a term loan and revolving credit facility entered into with certain lenders on March 23, 2012. The Company previously redeemed euro 200 million of the euro 225 million aggregate principal amount of its Senior Secured Floating Notes due 2013 on February 23, 2012. 

About Pregis:
Pregis Corporation is a leading global provider of innovative protective packaging materials and systems. The Company offers solutions for a wide variety of retail and industrial market segments including agricultural, e-commerce, automotive, furniture, electronics, construction, and military/aerospace. Pregis currently operates 25 facilities in 10 countries in North America and Europe. Pregis Corporation is a wholly owned subsidiary of Pregis Holding II Corporation. For more information about Pregis, visit the Company's web site at www.pregis.com.

Safe Harbor Statement:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. You can generally identify forward-looking statements by the Company's use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "seek," "should," or "will," or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control. For a discussion of key risk factors, please see the risk factors disclosed in the Company's annual report, which is available on its website, www.pregis.com. These risks may cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risk and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. The Company undertakes no duty to update its forward-looking statements.

SOURCE Pregis Corporation

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