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| Packaging Corporation of America |
| 1900 West Field Court, Lake Forest, IL 60045 * (847) 482-2000 |
| Business Description | The company is the sixth largest producer of containerboard in the United States and the sixth largest manufacturer of corrugated packaging products, based on 1998 production capacity. |
| Offering Information Company has | |||
| Trading As | PKG (NYSE) | Industry | Manufacturing (SIC 2631) |
| Type of Stock Offered | Common Shares | Filing Date | 9/13/99 |
| Domestic Shares Offered | 46,250,000 | Offer Date | 1/27/00 |
| Foreign Shares Offered | 0 | Filing Range | $12.00 - $15.00 |
| Company Shares | 11,500,000 | Offer Price | $12.00 |
| Selling Shrhldrs Shares | 34,750,000 | Gross Spread | $0.640 |
| Gross Proceeds | $555,000,000 | Selling | $0.390 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 106,100,000 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Goldman, Sachs & Co. | Lead Manager | (212) 902-5959 |
| Deutsch Banc Alex. Brown | Co-manager | (410) 727-1700 |
| J.P. Morgan & Co. | Co-manager | (212) 648-0517 |
| Morgan Stanley Dean Witter | Co-manager | (212) 761-5900 |
| Salomon Smith Barney | Co-manager | (212) 723-7300 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/94 | 12/31/95 | 12/31/96 | 12/31/97 | 12/31/98 | 6/30/98 | 6/30/99 |
| Revenues | 1,441.673 | 1,844.708 | 1,582.222 | 1,411.405 | 1,571.019 | 777.042 | 806.217 |
| Income from Oper. | - | - | - | - | - | - | - |
| Net Income | 76.487 | 224.121 | 90.366 | 27.390 | 71.439 | 46.468 | -4.345 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | 27.96 | -14.23 | -10.80 | 11.309 | 3.75 | ||
| Net Income Growth (%) | 193.02 | -59.68 | -69.69 | 160.82 | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | 5.31 | 12.15 | 5.71 | 1.94 | 4.55 | - | 5.98 |
| Cash Flow - Oper. | 195.40 | - | - | ||||
| Cash Flow - Inv. | -177.73 | - | - | ||||
| Cash Flow - Fin. | -17.67 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/99 | Financial Ratios | ||||
| Total Assets | 2,428.62 | Current Assets | - | Current Ratio | - |
| Total Liab. | 2,086.86 | Current Liab. | - | Debt Ratio | 85.93% |
| Total Equity | 341.76 | Working Cap. | 152.65 | Debt to Equity Ratio | 6.11 |
| Cash | - | Return on Assets | 2.94% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to redeem all of its outstanding 12 3/8% senior exchangeable preferred stock due 2010. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Kirkland & Ellis |
| Bank's Law Firm | Cahill Gordon & Reindel |
| Auditor | Ernst & Young |
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