Portola to redeem 10¾% notes with new deal proceeds

New York, Dec. 9 - Portola Packaging, Inc. said it plans to redeem its entire $110 million outstanding principal amount of 10¾% senior notes due 2005 using proceeds of its planned offering of $180 million senior notes due 2011.

The San Jose, Calif. packaging company will also use the proceeds to repay $40 million of credit facility borrowings and use $20 million to redeem redeemable warrants and repurchase common stock.

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