Graham Packaging tenders for 8¾%, 10¾%, floating-rate notes

New York, Sept. 9 - Graham Packaging Holdings Co. said that it, along with GPC Capital Corp. II, Graham Packaging Co. LP and GPC Capital Corp. I, has started a cash tender offer for any and all of the 8¾% senior subordinated notes due 2008 and floating-rate subordinated term securities due 2008 issued on Feb. 2, 1998 and May 28, 2003 by itself and GPC Capital I and for any and all of the 10¾% senior discount notes due 2009 issued Feb. 2, 1998 by itself and GPC Capital II.

Noteholders who tender the 8¾% notes by the early tender date will receive $1,032.92 per $1,000 principal amount, including an early tender premium of $20.00 per $1,000 principal amount.

Holders who tender the floaters by the early tender date will receive $1,001.25 per $1,000 principal amount, including an early tender premium of $20.00 per $1,000 principal amount.

Holders who tender the 10¾% notes by the early tender date will receive $1,039.58 per $1,000 principal amount, including an early tender premium of $20.00 per $1,000 principal amount.

The early tender deadline is currently set for 5 p.m. ET on Sept. 22.

Holders who tender after the early deadline but before the expiration of midnight ET on Oct. 6 will not receive the early tender premium, so the payment for the 8¾% notes will be $1,012.92 per $1,000 principal amount, for the floaters $981.25 per $1,000 principal amount and for the 10¾% notes $1,019.58 per $1,000 principal amount.

The York, Pa., manufacturer of plastic containers will also pay accrued interest up to but excluding the date of payment.

Notes can be withdrawn up to the early tender deadline but not subsequently unless Graham reduces the purchase price, the early tender premium or the size of the tender offer.

Completion is subject to completion of an offering of senior and senior subordinated notes which will be used along with cash on hand to finance the tender offer.

Graham said it intends to redeem any notes not tendered. The redemption price for the 8¾% notes is 102.917, for the floaters par and for the 10¾% notes 103.583.

Citigroup Global Markets Inc. is dealer manager for the tender offer (contact Liability Management Group at 800 558-3745 or call collect 212 723-6106). Global Bondholder Services Corp. is the depositary and information agent (866 470-4200 or 212 430-3774).

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