Acetex Completes Note Offering

On August 5, 2003, Acetex Corporation completed a $75 million offering of its 10 7/8 per cent senior notes due 2009 by way of a 144A offering in the U.S. and a private placement in Canada. UBS Investment Bank acted as sole book-running manager and JP Morgan as co-manager.

The deal closed concurrently with the merger of Acetex with AT Plastics Inc; and the proceeds were used to refinance outstanding indebtedness of AT Plastics. The offering will be followed by an exchange offer by Acetex for substantially identical notes registered with the U.S. Securities and Exchange Commission.

Acetex was represented in Canada by David Ross, Jeff Oke and Bill Maslechko of Burnet, Duckworth & Palmer LLP in Calgary; and in the U.S., by Yossi Vebman and Nathan Marinoff of Skadden, Arps, Slate, Meagher & Flom LLP in New York.

The managers were represented in Canada by Robert Yalden, François Janson and François Leblanc of Osler, Hoskin & Harcourt LLP in Montreal; and in the U.S., by Cravath, Swaine & Moore LLP with a team that included Kris Heinzelman, Keith Halverstam and Joe Martin in New York.