Atlantis Plastics Completes New $110 Million Senior Credit Facility.

Business Editors

ATLANTA--(BUSINESS WIRE)--Dec. 30, 2002

Atlantis Plastics, Inc. (ASE:AGH) today announced that it has completed the syndication of a new senior debt financing of $110 million. The proceeds of the facility will be used for the retirement of the Company's 11% Senior Notes, refinancing of other indebtedness and future working capital needs. Six lending institutions participated in the facility, including GE Commercial Finance and CIBC World Markets Corp., who served as co-lead arrangers. Other participating institutions were Merrill Lynch Capital, BNP Paribas, John Hancock and Orix Financial Services, Inc.

The new senior credit facility consists of a $35 million Revolving Loan, a $35 million Term Loan A and a $40 million Term Loan B. The Revolving Loan and Term Loan A have a five-year maturity and the Term Loan B has a six-year maturity.

Anthony F. Bova, President and Chief Executive Officer, said: "We are pleased to close on our new senior credit facility. We anticipate that based upon today's interest rates, the Company's average borrowing rate will decrease by more than 200 basis points. The new facility will increase the Company's liquidity and provide more flexibility in supporting the execution of our business strategy and to accelerate our profitable growth."

Atlantis Plastics, Inc. is a leading U.S. manufacturer of polyethylene stretch and custom films and molded plastic products. Stretch films are used to wrap pallets of materials for shipping or storage, and custom films, which are made-to-order specialty film products, are used in the industrial and packaging markets. Atlantis' molded plastic products are used primarily in the appliance, automotive, agricultural, building supply, and recreational vehicle industries.

This release contains forward-looking statements that relate to future events or performance. These statements reflect the Company's current expectations, and the Company does not undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other Company statements will not be realized. Furthermore, readers are cautioned that these statements involve risks and uncertainties, many of which are beyond the Company's control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, liquidity constraints, fluctuations in plastic resin prices and the other risk factors set forth in the Company's Form 10-K for 2001 and other filings with the Securities and Exchange Commission.

Readers are cautioned not to place undue reliance on any forward-looking statements contained herein, which speak only as of the date hereof. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

For more information, please visit http://www.atlantisstock.com.