Sealed Air Announces Pricing of Senior Notes
November 7, 2014 at 3:38 PM EST
ELMWOOD PARK, N.J.--(BUSINESS WIRE)--Nov. 7, 2014--
Sealed Air Corporation (“Sealed Air” or the “Company”) (NYSE:SEE) today
announced the pricing of its offering of $425 million aggregate
principal amount of 4.875% senior unsecured notes due 2022 (the “2022
Notes”) and $425 million aggregate principal amount of 5.125% senior
unsecured notes due 2024 (the “2024 Notes” and, together with the 2022
Notes, the “Notes”). Sealed Air intends to use the net proceeds from the
offering to repurchase, redeem or satisfy and discharge all of its
outstanding 8.125% Senior Notes of the Company due 2019, to pay consent
fees in connection with a consent solicitation with respect to its
8.375% Senior Notes due 2021, in each case including any premiums, fees
and expenses in connection therewith, and for general corporate
purposes. Net proceeds from the sale of the Notes, after initial
purchasers’ discounts and commissions and the Company’s estimated fees
and expenses, are expected to be approximately $837 million. We expect
the offering to close on November 24, 2014, subject to customary closing
conditions.
The Notes and related guarantees will be offered only to qualified
institutional buyers under Rule 144A of the Securities Act of 1933, as
amended (the “Securities Act”), and to non-U.S. persons in transactions
outside the United States under Regulation S of the Securities Act. The
Notes have not been registered under the Securities Act, and, unless so
registered, may not be offered or sold in the United States absent
registration or an applicable exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and
other applicable securities laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
Notes, in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Business
Sealed Air creates a world that feels, tastes and works better. In 2013,
Sealed Air generated revenue of approximately $7.7 billion by helping
our customers achieve their sustainability goals in the face of today’s
biggest social and environmental challenges. Our portfolio of widely
recognized brands, including Cryovac® brand food packaging solutions,
Bubble Wrap® brand cushioning and Diversey® cleaning and hygiene
solutions, ensures a safer and less wasteful food supply chain, protects
valuable goods shipped around the world, and improves health through
clean environments. Sealed Air has approximately 25,000 employees who
serve customers in 175 countries. To learn more, visit www.sealedair.com.
Information on Sealed Air’s website is not incorporated into, and does
not form a part of, this press release.
Website Information
We routinely post important information for investors on our website, www.sealedair.com,
in the “Investor Relations” section. We use this website as a means of
disclosing material, non-public information and for complying with our
disclosure obligations under SEC Regulation FD. Accordingly, investors
should monitor the Investor Relations section of our website, in
addition to following our press releases, SEC filings, public conference
calls, presentations and webcasts. The information contained on, or that
may be accessed through, our website is not incorporated by reference
into, and is not a part of, this document.
Forward-Looking Statements
Statements in this press release may be “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of
1995 concerning our business, consolidated financial condition and
results of operations. These statements include comments as to future
events that may affect Sealed Air, which are based upon management’s
current expectations and are subject to uncertainties, many of which are
outside Sealed Air’s control. Forward-looking statements can be
identified by such words as “anticipates,” “expects,” “believes,”
“plan,” “could,” “estimate,” “will” and similar expressions. A variety
of factors may cause actual results to differ materially from these
expectations, including economic conditions affecting packaging
utilization, changes in raw material costs, currency translation
effects, and legal proceedings. For more extensive information, see
“Risk Factors” and “Cautionary Notice Regarding Forward-Looking
Statements,” which appear in our most recent Annual Report on Form 10-K,
as may be revised and updated from time to time by our Quarterly Reports
on Form 10-Q and Current Reports on Form 8-K, as filed with the
Securities and Exchange Commission. These reports are available on the
Securities and Exchange Commission’s website at www.sec.gov
or our Investor Relations home page at http://ir.sealedair.com.
Information on Sealed Air’s website is not incorporated into, and does
not form a part of, this press release. Sealed Air does not undertake
any obligation to publicly update any forward-looking statement to
reflect events or circumstances after the date on which any such
statement is made or to reflect the occurrence of unanticipated events.
Source: Sealed Air Corporation
Sealed Air Corporation
Investor:
Lori Chaitman, 201-703-4161
or
Media:
Ken
Aurichio, 201-703-4164