Consumer Goods Packaging Firm Silgan Initiates New Credit Facility Process

Silgan Holdings Inc. (Nasdaq:SLGN), a leading supplier of consumer goods packaging products, announced today that it has engaged Deutsche Bank Securities Inc. (DBSI) and Banc of America Securities LLC (BAS) to arrange a proposed new credit facility to refinance its existing senior secured credit facility.

Affiliates of DBSI and BAS have committed to provide a portion of the new credit facility, and DBSI and BAS have agreed to arrange a syndicate of lenders to provide the remainder of the new credit facility. The Company expects to complete the new credit facility in the second or third quarter of 2010.

The new credit facility would extend the maturities and amortization periods of the Company’s bank debt and provide greater flexibility with regard to the Company’s strategic initiatives, including acquisitions. Although not obligated, the Company could use a portion of the proceeds of this refinancing to redeem its 6.75% Senior Subordinated Notes due 2013.

Upon completion of the new credit facility, the Company would expect to record a charge of approximately $0.03 per diluted share for a loss on early extinguishment of debt for the write-off of debt issuance costs.