Sealed Air Corporation Announces Closing of Offering of $600 Million Aggregate Principal Amount of 1.573% Senior Secured Notes Due 2026
September 29, 2021 at 11:49 am EDT
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Sealed Air Corporation announced the closing of its previously announced offering of $600 million aggregate principal amount of 1.573% senior secured notes due 2026 (the “Notes”). The Notes were sold to investors at 100.0% of their aggregate principal amount. The Notes are jointly and severally, and irrevocably and unconditionally, guaranteed on a senior secured basis by each of Sealed Air's existing and future wholly owned domestic subsidiaries that guarantee its senior secured credit facilities, subject to release under certain circumstances. The Notes and related guarantees are secured on a first-priority basis by liens on substantially all of its and domestic guarantor subsidiaries' personal property securing obligations the company owe to lenders under its senior secured credit facilities on a pari passu basis, subject to certain exceptions. Sealed Air is using the net proceeds from the offering of the Notes (i) to repurchase its outstanding 4.875% senior notes due 2022 (the “2022 Notes”) tendered pursuant to the tender offer commenced by the Company on September 15, 2021, (ii) to satisfy and discharge all of its remaining outstanding 2022 Notes in accordance with the terms of the indenture governing the 2022 Notes, (iii) to pay any premiums, fees and expenses in connection therewith and (iv) for general corporate purposes. The Notes and related guarantees have been offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons in transactions outside the United States under Regulation S of the Securities Act. The Notes have not been registered under the Securities Act, and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.
Sealed Air Corporation is a provider of packaging solutions integrating performance materials, automation, equipment and services. The Company designs, manufactures and delivers packaging solutions that preserve food, protect good and automate packaging processes. The Company operates through two segments: Food, and Protective. The portfolio of packaging solutions includes CRYOVAC brand for food packaging, LIQUIBOX for fluids and liquids systems, SEE brand for protective packaging, AUTOBAG brand for automated systems, BUBBLE WRAP brand for packaging. The Company delivers its packaging solutions to an array of end markets including fresh proteins, foods, fluids, medical and healthcare, e-commerce, logistics and omnichannel fulfilment operations, and industrials. Food solutions are sold to food processors in fresh red meat, smoked and processed meats, poultry, seafood, plant-based protein, fluids and liquids and cheese markets worldwide.