AEP Industries tenders for 9 7/8% notes

New York, Feb. 17 - AEP Industries Inc. said it has begun a cash tender offer for any and all of its $200 million principal amount of 9 7/8% senior subordinated notes due 2007.

The South Hackensack, N.J., plastic packaging manufacturer is also soliciting consents to amendments to the note indenture to eliminate substantially all of the restrictive covenants and certain events of default.

The consent deadline is midnight ET on March 3, and the tender expires at midnight ET on March 17.

Holders cannot tender without delivering consents or deliver consents without tendering.

For each $1,000 principal amount of notes, the company will pay $1,021.80 per $1,000 principal amount including a $20 consent payment that will only be made to holders who ender before the consent deadline. After that the payment is $1,001.80 per $1,000 principal amount.

All holders will receive accrued interest up to but excluding the payment date.

Merrill Lynch & Co. is the dealer manager and solicitation agent (call collect 212 449-4914 or 888 ML4-TNDR). D.F. King & Co., Inc. is the information agent (212 269-5500 or 800 714-3313).

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