Packaging Corporation of America Entered into an Underwriting Agreement with Deutsche Bank Securities Inc. and Wells Fargo Securities, Llc, as Representatives of the Several Underwriters Listed Therein, for the Issuance and Sale of $400,000,000 in Aggregate Principal Amount of 5.700% Senior Notes Due 2033

On November 27, 2023, Packaging Corporation of America entered into an underwriting agreement with Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC, as representatives of the several underwriters listed therein, for the issuance and sale of $400,000,000 in aggregate principal amount of 5.700% Senior Notes due 2033 (the ?Notes?). Net proceeds from the offering of the Notes, after deducting the underwriting discount and estimated offering expenses, are expected to be approximately $396.0 million. The Corporation intends to use these net proceeds, together with a portion of its cash on hand, to redeem, repurchase or otherwise repay at or prior to maturity its outstanding 3.650% Senior Notes due 2024, which mature on September 15, 2024 (the ?2024 Notes?).

Pending such application, the Corporation intends to invest the net proceeds of the offering of the Notes in short term interest-bearing securities. Nothing in this Form 8-K should be construed as a notice of redemption with respect to the 2024 Notes.