By Stephanie N. Rotondo
Portland, Ore., Feb. 12 - Sealed Air Corp. released more details regarding its $300 million private placement of 12% notes in a filing with the Securities and Exchange Commission on Thursday.
The new senior unsecured notes maturing in 2014 were sold to Davis Selected Advisers, LP, Geico Indemnity Co. and General Re Life Insurance Corp. Both Davis Advisers and General Re entered into a registration rights agreement with Sealed Air.
The notes are non-callable. The transaction was settled on Feb. 6.
U.S. Bank NA acted as placement agent and trustee for the indenture.
Proceeds from the deal will help to fund all of the company's 2009 debt obligations, including a potential cash settlement payment in regards to 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
|
| Maturity: | Feb. 14, 2014
|
| Coupon: | 12%
|
| Price: | Par
|
| Call: | Non-callable
|
| Settlement: | Feb. 6
|
| Distribution: | Private placement
|
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