Sealed Air Corporation Announces Results of Early Tender for 4.875% Senior Notes Due 2022
September 29, 2021 at 07:57 am EDT
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Sealed Air Corporation announced that, in connection with the previously announced cash tender offer and consent solicitation by the Company to purchase for cash any and all of its 4.875% senior notes due 2022 (the “Notes”), the early tender period in respect of the tender offer expired at 5:00 p.m., New York City time, on September 28, 2021. As of the Early Tender Deadline, $339,258,000 principal amount of the Notes, or 79.83% of the principal amount outstanding, had been validly tendered and not withdrawn. The settlement date for the Notes accepted for purchase by the Company in connection with the Early Tender Deadline is currently expected to be September 30, 2021. The Company expects to determine the pricing terms of the tender offer at 10:00 a.m., New York City time, on September 29, 2021. The final offer period will expire at 11:59 p.m., New York City time, on October 13, 2021, unless extended or earlier terminated. As the Company received consents from holders of greater than a majority in aggregate principal amount of the outstanding Notes, the Company, the guarantors thereto and Truist Bank (formerly known as Branch Banking and Trust Company), as trustee (the “Trustee”), have executed a supplemental indenture (the “Supplemental Indenture”) to the indenture governing the Notes, which will be filed with the Securities and Exchange Commission. The amendments and modifications contained in the Supplemental Indenture eliminate certain restrictive covenants and events of default contained in the indenture. These changes will become operative concurrently with the expected acceptance for payment on September 30, 2021 of all Notes that were validly tendered (and not validly withdrawn) at or prior to the Early Tender Deadline. After the Expiration Time, the Company intends to notify the Trustee that it will satisfy and discharge the Notes that remain outstanding.
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.