Sealed Air begins tender offer, consent solicitation for 4 7/8% notes

Chicago, Sept. 15 – Sealed Air Corp. announced a cash tender offer and consent solicitation for any and all of its $425 million outstanding 4 7/8% senior notes due Dec. 1, 2022 (Cusips: 81211KAV2, U81193AM3), according to a press release.

The company is offering to buy the notes at a price based on the 0.125% U.S. Treasury due Aug. 31, 2022 plus a fixed spread of 50 basis points.

The hypothetical total consideration is $1,039.29 per $1,000 note, inclusive of a $30 early tender payment payable to noteholders who tender their notes by the early deadline at 5 p.m. ET on Sept. 28.

Interest will also be paid to the applicable settlement date.

Pricing will be determined at 10 a.m. ET on Sept. 29.

Sealed Air is also soliciting consents from holders of the notes to eliminate some restrictive covenants and events of default with respect to the notes.

If the required consents are obtained, the company plans to satisfy and discharge any outstanding notes that are not tendered in the offer. The company needs consents from a majority in aggregate principal amount of notes.

The offer expires at 11:59 p.m. ET on Oct. 13.

Early settlement is planned for Sept. 30. Final settlement is expected for Oct. 15.

Citigroup Global Markets Inc. is the dealer manager and solicitation agent (800 558-3745, 212 723-6106).

Global Bondholder Services Corp. is the depositary and the information agent for the tender offer and consent solicitation (866 470-3900, 212 430-3774, contact@gbsc-usa.com).

Sealed Air is a Charlotte, N.C.-based manufacturer of packaging materials.

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