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
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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.
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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.
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