By Stephanie N. Rotondo
Portland, Ore., Feb. 9 - Sealed Air Corp. said Monday that it had completed a $300 million private placement of 12% notes, according to a press release.
The new senior unsecured notes mature in 2014 and were sold to Davis Selected Advisers, LP, and subsidiaries of Berkshire Hathaway Inc. Sealed Air has also agreed to provide resale registration rights.
Proceeds from the deal will help to fund all of the company's 2009 debt obligations, including a potential cash payment under the company's W. R. Grace settlement.
Sealed Air is an Elmwood Park, N.J.-based manufacturer of materials and systems for protective, presentation and fresh food packaging and performance solutions in the industrial, food and consumer markets.
| Issuer: | Sealed Air Corp.
|
| Security description: | Senior unsecured notes
|
| Amount: | $300 million
|
| Coupon: | 12%
|
| Price: | Par
|
| Maturity: | 2014
|
| Settlement: | Feb. 9
|
| Distribution: | Private placement
|
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