Sealed Air Announces Closing of Offering of Senior Notes
November 24, 2014 at 4:30 PM EST
ELMWOOD PARK, N.J.--(BUSINESS WIRE)--Nov. 24, 2014--
Sealed Air Corporation (“Sealed Air” or the “Company”) (NYSE:SEE) today
announced the closing of the previously announced offering of $425
million aggregate principal amount of 4.875% senior notes due 2022 (the
“2022 Notes”) and $425 million aggregate principal amount of 5.125%
senior notes due 2024 (together with the 2022 Notes, the “Notes”). The
Notes were sold to investors at 100.0% of their aggregate principal
amount.
The Company is using the net proceeds from the offering of the Notes to
repurchase all of its outstanding 8.125% senior notes due 2019 pursuant
to the tender offer that the Company launched on November 7, 2014, to
pay consent fees in connection with the consent solicitation that the
Company launched on November 7, 2014 to proposed amendments to the
indenture that governs its 8.375% senior notes due 2021, to pay related
premiums, fees and expenses and for general corporate purposes.
The Notes and related guarantees have been 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 form, or in a transaction not
subject to, the registration requirements of the Securities Act and
other applicable securities laws.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities nor has there been any
sale of these securities in any state or other jurisdiction in which
such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or other
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