Sealed Air holders tender 79.83% of 4 7/8% notes by early deadline

Chicago, Sept. 29 – Sealed Air Corp. announced the early results of its 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.

As of the early deadline at 5 p.m. ET on Sept. 28, noteholders tendered $339,258,000, or 79.83%, of the outstanding notes.

Early settlement for the notes is expected for Sept. 30.

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 tendered their notes by the early deadline.

Interest will also be paid to the applicable settlement date.

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

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

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

The amendments are expected to become operative on Sept. 30.

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

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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