Exhibit 99. [ HOME PRODUCTS LOGO ] FOR: Home Products International, Inc. APPROVED BY: James R. Tennant, Chairman & CEO Home Products International, Inc. (773) 890-1010 FOR IMMEDIATE RELEASE CONTACT: Investor Relations: --------------------- James Winslow, Executive VP & CFO Home Products International, Inc. (773) 890-1010 HOME PRODUCTS INTERNATIONAL ANNOUNCES NEW FINANCING FACILITY Chicago, IL, November 6, 2001 _ Home Products International, Inc. (Nasdaq: HOMZ) (the "Company"), a leader in the housewares industry, today announced it had entered into a new four-year, $50 million asset based credit facility with Fleet Capital Corporation as its sole lender. The facility will be used primarily to finance the Company's working capital needs and replaces the Company's prior $50 million revolving credit agreement with a group of banks. In announcing the new financing, James E. Winslow, Executive Vice President and Chief Financial Officer, commented "This facility provides increased flexibility over our prior financing arrangements. We now have the ability to pursue limited buybacks of our high yield bonds as well as to pursue selective acquisitions. In addition, the facility provides lower interest rates and more favorable financial covenants than the facility it replaces. We are very pleased with the terms of our new financing with Fleet Capital and believe this facility is indicative of the improved financial position the Company has attained over the past 3-6 months." HPI: Announces New Financing Facility Page 2 Commenting on the new banking relationship, Andy Pappas, Vice President, Fleet Capital Corporation, stated "As an innovative, industry- Exhibit 99. leading organization, Home Products is always looking for ways to enhance its operations. The structure and terms of this facility will allow them to continue to introduce new and innovative products to the marketplace." The new facility provides up to $50 million of financing depending on the Company's asset and collateral levels. The new agreement was effective as of November 1, 2001. At closing, the Company's eligible borrowing base exceeded $50 million and it's excess availability was $45 million. The Company also announced that it intends to repurchase from time to time its 9.625% Senior Subordinated Notes. The Company issued $125 million of the 10 year 9.625% fixed rate notes during 1998. The timing, amount and type of transaction will depend upon prevailing market conditions, alternative uses of capital and other factors. Home Products International, Inc. is an international consumer products company specializing in the manufacturing and marketing of quality diversified housewares products. The Company sells its products to all the largest national retailers. For more information about HPI, visit its Web site at www.hpii.com. Fleet Capital Corporation, which has 25 offices located throughout the United States and approximately $16 billion in committed lines of credit, provides secured financing and other financial services to middle-market companies. Fleet Capital is part of FleetBoston Financial Corporation (NYSE: FBF), the nation's eighth largest diversified financial holding company with more than $200 billion in assets. For more information about Fleet Capital, visit its Web site at www.fleetcapital.com. Some of the statements made in this press release are forward-looking and concern the Company's future growth, product development, markets and competitive position. While management will make its best efforts to be accurate in making these forward-looking statements, any such statements are subject to risks and uncertainties that could cause the Company's actual results to vary materially. These include market risks such as increased competition for both the Company and its end users and changes in retail distribution channels; economic risks; financial risks such as fluctuations in the price of raw materials, future liquidity and access to debt and equity markets. Should one or more of these risks or uncertainties materialize, actual results may vary materially from those anticipated, expected or projected. The Company undertakes no obligation to update any such factors or to announce the results of any revision to any of the forward-looking statements contained herein to reflect future events or developments.