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Berry Plastics Corporation announces commencement of the syndication of a new credit facility

EVANSVILLE, IN - (August 3, 2006) - Berry Plastics Corporation (the "Company") today announced the commencement of the syndication of a new $875 million credit facility comprised of a $675 million term loan due 2013 and a $200 million revolving facility due 2012. The borrower under the credit facility will be BPC Acquisition Corp., which will merge with and into BPC Holding Corporation (the parent company of the Company) in connection with the previously announced acquisition of BPC Holding Corporation by the private equity firms Apollo Management, L.P. and Graham Partners. Upon the closing of the acquisition, BPC Holding Corporation (the surviving company in the merger) will change its name to Berry Plastics Holding Corporation. The credit facility is in addition to other financing for the acquisition which is expected to include $750 million of senior secured second priority fixed and floating rate notes due 2014 and $425 million of senior subordinated notes due 2016.

 

Certain statements and information included in this release may constitute "forward looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Berry Plastics to be materially different from any future results, performance, or achievements expressed or implied in such forward looking statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations is contained in the companies' SEC filings. The Company does not undertake any obligation to update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

 

Berry Plastics Corporation is a leading manufacturer and marketer of rigid plastic packaging products. The company is headquartered in Evansville, IN, and, together with its subsidiaries, has plants in Ahoskie, NC; Anaheim, CA; Baltimore, MD; Bowling Green, KY; Charlotte, NC; Chicago, IL; Chicago Ridge, IL; Easthampton, MA; Henderson, NV; Iowa Falls, IA; Jackson, TN; Lancaster, PA; Lawrence, KS; Milan, Italy; Mexico City, Mexico; Monroeville, OH; Monroe Township, NJ; Norwich, England; Oxnard, CA; Phoenix, AZ; Richmond, IN; Sarasota, FL; Streetsboro, OH; Suffolk, VA; Syracuse, NY; and Woodstock, IL., IL

 

Please contact:
Jim Kratochvil
Executive Vice President, CFO, Treasurer and Secretary
Berry Plastics Corporation
101 Oakley Street
Evansville, Indiana 47710
Telephone: (812) 424-2904

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