Delaware, Ohio, USA, 09 February 2007 -- /PRNewswire/ -- Greif, Inc. (Greif) (NYSE:GEF) (NYSE:GEF.B) has completed its tender offer for any and all of its outstanding 8-7/8% Senior Subordinated Notes due 2012. In the tender offer, which expired on 08 February 2007, subordinated notes in the aggregate principal amount of USD 245,610,000, representing 99% of the outstanding subordinated notes, were tendered to and purchased by the company.

The company also announced that it has issued USD 300,000,000 aggregate principal amount of its 6-3/4% Senior Notes due 2017. The new senior notes, which closed 09 February, were issued in a Rule 144A and Regulation S offering. The net proceeds from the issuance of the new senior notes were used to fund the purchase of the subordinated notes in the tender offer. The remaining proceeds will be used for general corporate purposes.

About Greif

Greif is a world leader in industrial packaging products and services. The company produces steel, plastic, fiber, corrugated and multiwall containers, protective packaging, and containerboard, and provides blending and packaging services for a wide range of industries. Greif also manages timber properties in North America. The company is strategically positioned in 45 countries to serve global as well as regional customers. Additional information is available at www.greif.com.

Source: Greif, Inc.