Exhibit 99.1
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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 PARTIAL REDEMPTION OF ITS
9% SENIOR SUBORDINATED DEBENTURES
STAMFORD, CT, July 30, 2003 -- Silgan Holdings Inc. (Nasdaq:SLGN) today
announced that it has given irrevocable notice of a partial redemption of its 9%
Senior Subordinated Debentures due 2009. The principal amount of 9% Debentures
being redeemed is $25 million and the date of redemption is August 29, 2003. The
Company currently has $500 million principal amount of 9% Debentures
outstanding. Pursuant to the terms of the indenture, the Company will redeem $25
million principal amount of its 9% Debentures at a redemption price of 103.375%
of their principal amount, or $25.8 million, plus accrued and unpaid interest up
to the redemption date. This redemption is part of the Company's previously
announced intention to repay debt over the next few years.
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Silgan Holdings is a leading North American manufacturer of consumer goods
packaging products with annual pro forma sales of approximately $2.2 billion in
2002. Silgan operates 68 manufacturing facilities in the U.S., Canada and
Mexico. In North America, Silgan is the largest supplier of metal containers for
food products, a leading supplier of plastic containers for
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SILGAN HOLDINGS
July 30, 2003
Page 2
personal care products and a leading supplier 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.
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