Sealed Air announces pricing, results of tender offer for 4½% notes

By Wendy Van Sickle

Columbus, Ohio, Jan. 27 – Sealed Air Corp. took in tenders of €233.297 million, or 58.32% of the outstanding principal amount, by the expiry of its cash tender offer for any and all of its €400 million outstanding 4½% senior notes due 2023 (ISINs: XS1247795963, XS1247796185), according to a press release.

The company also announced the total consideration was set at €1,005.60 per €1,000 principal amount, based on the 2% Bund due Aug. 15, 2023 and a fixed spread of 50 basis points. Pricing took place at 2 p.m. ET on Jan. 27.

Interest will also be paid to the settlement date.

The offer expired at 5 p.m. ET on Jan. 27, also the withdrawal deadline.

Settlement is planned for Feb. 1.

No notes were tendered under guaranteed delivery procedures, the company said.

The tender offer is conditioned on the completion of a sale of new debt securities.

Goldman Sachs & Co. LLC is the dealer manager (800 828-3182, 212 902-5962).

Global Bondholder Services Corp. is the depositary and information agent (855 654-2014, 212 430-3774, contact@gbsc-usa.com).

Sealed Air is a Charlotte, N.C.-based provider of packaging solutions.

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