EX-99.1 3 y59394ex99-1.txt PRESS RELEASE DATED APRIL 2, 2002 April 2, 2002 FOR IMMEDIATE RELEASE Pliant Corporation Announces Plan to Issue $100 million of Senior Subordinated Notes SCHAUMBURG, IL - - Pliant Corporation announced today that it intends to sell $100 million of Senior Subordinated Notes due 2010, in a private offering to qualified institutional buyers. Pliant intends to use approximately $82 million of the net proceeds from the offering to repay a portion of the outstanding indebtedness under its credit facilities. Pliant is seeking an amendment to its credit facilities to permit the offering of the notes. The offering of the notes will be conditioned on the amendment becoming effective. In addition to permitting the offering, the amendment would require Pliant to use at least $82 million of the net proceeds from the offering to repay a portion of the outstanding indebtedness under its credit facilities. The amendment would also limit the use of the remaining proceeds to certain permitted acquisitions. To the extent Pliant has not used the remaining proceeds for such purpose by December 31, 2002, Pliant would be required to repay additional term loans under the credit facilities in an equivalent amount. The notes will not initially be registered under the Securities Act of 1933 or the securities laws of any other jurisdiction. The transaction is structured to qualify for the resale exemption provided by Rule 144A under the Securities Act of 1933. Unless they are registered, the notes may be offered only in transactions that are exempt from registration under the Securities Act of 1933 or the securities laws of any other jurisdiction. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933. About Pliant Pliant Corporation is a leading producer of value-added film and flexible packaging products for personal care, medical, food, industrial and agricultural markets. Pliant operates 26 manufacturing and research and development facilities around the world, and employs approximately 3,500 people.