Pregis Holding II Corporation, Pregis Corporation and certain of Pregis's subsidiaries entered into first lien credit facilities with General Electric Capital Corporation, as revolving agent and administrative agent, and other lenders from time to time party thereto (the First Lien Credit Facilities). Pregis Holding II, Pregis and certain of Pregis's subsidiaries also entered into a second lien credit facility with FS Investment Corporation as agent and lender (the Second Lien Credit Facility and, together with the First Lien Credit Facilities, the Senior Secured Facilities). The Second Lien Credit Facility was funded in full on March 23, 2012 and the proceeds from the Second Lien Credit Facility were utilized to repay the existing ABL Facility in full and to pay certain fees and expenses in connection the Senior Credit Facilities, with the remainder retained by Pregis. The First Lien Credit Facilities have not been drawn and are expected to be drawn on or about April 26, 2012. The proceeds from the First Lien Credit Facilities, together with the remaining proceeds from the Second Lien Credit Facility retained by Pregis, will be utilized to redeem Pregis's senior secured notes and senior subordinated notes in full on their redemption dates. The First Lien Credit Facilities provide for a $35 million revolving credit facility (which includes a sub-facility for the iss Credit Facility provides for a $45 million term loan B facility. The borrowers under the Senior Secured Facilities are Pregis and its wholly owned domestic subsidiaries (the Borrowers). All obligations under the Senior Credit Facilities are guaranteed by Pregis Holding II and its direct or indirect domestic subsidiaries.

Pregis Corporation announced that it plans to redeem the entire $150 million aggregate principal amount of its Senior Subordinated Notes due 2013 as well as the remaining €25 million of its Senior Secured Floating Rate Notes due 2013. Pregis submitted notices of redemption to the trustees for the notes on March 23, 2012, and the principal amount of the notes plus accrued interest will be paid in full as of April 26, 2012. The notes are being redeemed with the proceeds from a term loan and revolving credit facility entered into with certain lenders on March 23, 2012. The company previously redeemed €200 million of the €225 million aggregate principal amount of its Senior Secured Floating Notes due 2013 on February 23, 2012.

Pregis Corporation announced that it has completed the redemption of EUR 200 million out of EUR 225 million of the company's outstanding Senior Secured Floating Rate Notes due 2013. In particular, the company redeemed EUR 88,889,000 of the Senior Secured Floating Rate Notes due 2013 issued in 2005 and EUR 111,111,000 of the company's Senior Secured Floating Rate Notes due 2013 issued in October 2009, in each case plus accrued interest through the date of redemption.