Graham Packaging Refinances Existing Senior Credit Facility

YORK, Pa., Feb. 21 -- Graham Packaging Company, L.P., today said it has entered into an $820 million bank facility consisting of two seven-year term loans, for $570 million and $100 million, respectively, and a $150 million, five-year revolving credit facility. Deutsche Bank Securities, Inc., acted as administrative agent, sole lead arranger and sole book runner. Salomon Smith Barney acted as syndication agent. LaSalle Bank National Association acted as documentation agent.

"The arrangement refinances and extends the maturities of the company's existing senior credit facility," said John Hamilton, chief financial officer of Graham Packaging. "This action also improves our liquidity and assures that we will remain in a position to continue to satisfy the ongoing needs of our customer base."

Graham Packaging, based in York, Pennsylvania, USA, is a worldwide leader in the design, manufacture and sale of customized blow-molded plastic containers for the branded food and beverage, household and personal care, and automotive lubricants markets. The company employs approximately 3,900 people at 57 plants throughout North America, Europe, and South America. It produced more than nine billion containers and had total worldwide net sales of $906.7 million in 2002. Blackstone Capital Partners of New York is the majority owner of Graham Packaging.

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The company's future operating results will be affected by various uncertainties and risk factors, many of which are beyond the company's control. For a description of these uncertainties and risk factors, and for a more complete description of the company's results of operations, see the company's Annual Report on Form 10-K for the year ended December 31, 2001, filed with the Securities and Exchange Commission.