Smurfit-Stone Completes Tender Offer and Initiates Redemption of Remaining Senior Notes

Chicago, Illinois, USA, 09 April 2007 -- /PRNewswire/ -- Smurfit-Stone Container Corporation (NASDAQ:SSCC) announced today that its wholly owned subsidiary, Smurfit-Stone Container Enterprises, Inc. (SSCE), has completed its tender offer for its approximately USD 648 million principal amount of outstanding 9-3/4% Senior Notes due 2011.

The tender offer expired at midnight Eastern time on 06 April 2007, with approximately USD 546.4 million in aggregate principal amount of the Notes tendered and accepted for purchase.

Holders of the Notes that tendered by 5:00 p.m. Eastern time on 23 March 2007, (the early tender date) were paid a total consideration of USD 1035.00 per USD 1000 principal amount tendered, plus accrued interest, on 26 March 2007. Holders that tendered their Notes after the early tender date, but on or before the expiration date, will receive USD 1005.00 per USD 1000 principal amount of 9-3/4% Notes tendered, plus accrued interest, with payment to be made on or about 09 April 2007.

Smurfit-Stone also announced that it is calling the remaining amount of the Notes outstanding, approximately USD 101.6 million, for full redemption on 09 May 2007 in accordance with the terms of the indenture governing the Notes. The Notes will be redeemed at a redemption price of USD 1032.50 per USD 1000 note outstanding, to be paid on the redemption date.

Interest on the Notes will cease to accrue on and after the redemption date. The only remaining right of the holders thereof shall be to receive payment of the redemption price (together with the accrued and unpaid interest to, but excluding, the redemption date).

A notice of redemption is being mailed by The Bank of New York, as trustee for the Notes, to all registered holders of the Notes. Copies of the notice of redemption and additional information relating to the procedures for redemption may be obtained from The Bank of New York by calling 1-800-254-2826.

As North America's premier packaging company, Smurfit-Stone is the industry's leading integrated manufacturer of paperboard and paper-based packaging. Smurfit-Stone also is one of the world's largest paper recyclers. The company has led the industry in safety performance every year since 2001 and conducts its business in compliance with the environmental, health and safety principles of the American Forest & Paper Association. Smurfit-Stone operates approximately 180 facilities and employs approximately 25,200 people.

Source: Smurfit-Stone Container Corporation

Web site: http://www.smurfit-stone.com/