News

Archive for November, 2001

AEP INDUSTRIES REFINANCES ITS LONG TERM CREDIT AGREEMENT

Monday, November 26th, 2001

FOR IMMEDIATE RELEASE Contact:

Paul Feeney
Executive Vice President
and Chief Financial Officer
AEP Industries
(201) 807-2330
feeneyp@aepinc.com

South Hackensack, NJ, November 26, 2001 - AEP Industries Inc. (Nasdaq: AEPI, the “Company”) today announced its agreement with Congress Financial Corp. (Congress) under which Congress is providing the Company a Revolving Credit Facility of up to $85 million for a minimum of three years.

The Company has utilized this facility to repay all amounts due under its Long Term Credit Agreement with a consortium of banks arranged by Morgan Guaranty Trust Company of New York which, by its terms, would expire in October 2002.
This Revolving Credit Facility is secured by domestic assets of the Company. Borrowings under this facility will be at rates which are comparable to those that had been effective under the Long Term Credit Facility.

AEP Industries Inc. manufactures, markets, and distributes an extensive range of plastic packaging products for the food/beverage, industrial and agricultural markets. The Company has operations in 11 countries throughout North America, Europe and Asia/Pacific.

Except for historical information contained herein, statements in the release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company’s actual results in future periods to differ materially from forecasted results. Those risks include, but are not limited to, risks associated with pricing, volume and conditions of markets. Those and other risks are described in the Company’s filings with the Securities and Exchange Commission (SEC) over the last 12 months, copies of which are available from the SEC or may be obtained from the Company.

AEP INDUSTRIES ANNOUNCES THE ACQUISITION OF THE FLEXIBLE PACKAGING BUSINESSES OF VISYPAK RESULTING IN THE FORMATION OF A JOINT VENTURE WITH DS SMITH (UK) LTD.

Wednesday, November 7th, 2001

CONTACT: Paul Feeney
Executive Vice President and
Chief Financial Officer
(201) 807-2330
feeneyp@aepinc.com

FOR IMMEDIATE RELEASE

South Hackensack, NJ, November 7, 2001 - AEP Industries Inc. (Nasdaq: AEPI, the “Company”) today reported that for an undisclosed sum, the Company’s New Zealand and Australian based subsidiaries, AEP Industries (NZ) Limited and AEP Industries (Australia) Pty Limited, purchased respectively the New Zealand and Australian flexible packaging businesses of Visypak Operations Pty Limited.

Immediately following this transaction, the Company combined its Liquipac (bag-in-a-box) business with the LBS (liquid bag systems) business it had acquired from Visypak and sold approximately 50 percent of the resulting enterprise to DS Smith (UK) Limited. This venture will be operated in coordination with DS Smith’s worldwide ‘Rapak’ enterprise.

The AEP Companies together with Visypak and DS Smith have announced a strategic alliance wherein the separate and distinct strengths of these respective businesses will combine in the marketing of competitive packaging solutions for a broad range of applications.

AEP Industries Inc. manufactures, markets, and distributes an extensive range of plastic packaging products for the food/beverage, industrial and agricultural markets. The Company has operations in 11 countries throughout North America, Europe and Asia/Pacific.

Except for historical information contained herein, statements in the release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company’s actual results in future periods to differ materially from forecasted results. Those risks include, but are not limited to, risks associated with pricing, volume and conditions of markets. Those and other risks are described in the Company’s filings with the Securities and Exchange Commission (SEC) over the last 12 months, copies of which are available from the SEC or may be obtained from the Company.