EX-99.1 3 prbondissue.txt PRESS RELEASE DATED 10/30/03 EXHIBIT 99.1 News For Immediate Release SILGAN HOLDINGS INC. 4 Landmark Square Suite 400 Stamford, CT 06901 Telephone: (203) 975-7110 Fax: (203) 975-7902 Contact: Anthony J. Allott (203) 406-3160 SILGAN HOLDINGS ANNOUNCES PLANNED OFFERING OF SENIOR SUBORDINATED NOTES TO PARTIALLY REFINANCE OUTSTANDING DEBENTURES AND TAKE ADVANTAGE OF FAVORABLE CREDIT MARKETS STAMFORD, CT, October 30, 2003 -- Silgan Holdings Inc. (Nasdaq:SLGN) today announced plans to offer $200 million aggregate principal amount of senior subordinated notes maturing in 2013 in a private placement. The Company plans to use the net proceeds of this offering to redeem a portion of its outstanding 9% senior subordinated debentures due 2009 at a redemption price of 103.375% of their principal amount. The Company also indicated that it is seeking to amend its senior secured credit facility before the end of the year to allow additional term borrowings and allow for the use of these borrowings to further redeem outstanding 9% debentures. The Company would intend to use the proceeds of additional term borrowings and other funds to fully redeem the remaining outstanding 9% debentures at a redemption price of 103.375% of their principal amount. The notes being sold by the Company will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act. The notes are being offered only to qualified institutional buyers (more) SILGAN HOLDINGS October 30, 2003 Page 2 under Rule 144A and outside the United States in compliance with Regulation S under the Securities Act. 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. * * * Silgan Holdings is a leading North American manufacturer of consumer goods packaging products with annual sales of approximately $2.0 billion in 2002. Silgan operates 66 manufacturing facilities in the U.S., Canada and Mexico. In North America, the Company is the largest supplier of metal containers for food products and a leading supplier of plastic containers for personal care products and of metal and plastic closures for food and beverage products. Statements included in this press release which are not historical facts are forward looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Such forward looking statements are made based upon management's expectations and beliefs concerning future events impacting the Company and therefore involve a number of uncertainties and risks, including, but not limited to, those described in the Company's Annual Report on Form 10-K for 2002 and other filings with the Securities and Exchange Commission. Therefore, the actual results of operations or financial condition of the Company could differ materially from those expressed or implied in such forward looking statements. * * *