As filed with the Securities and Exchange Commission on November 4, 2003
Registration No. 333-108544
================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________
AMENDMENT NO. 1
TO
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
_______________
SEALED AIR CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Delaware 65-0654331
(State or other jurisdiction of incorporation or (I.R.S. Employer Identification No.)
organization)
H. Katherine White
Sealed Air Corporation
Park 80 East Park 80 East
Saddle Brook, New Jersey 07663 Saddle Brook, New Jersey 07663
(201) 791-7600 (201) 791-7600
(Address, including zip code, and telephone (Name, address, including zip code, and telephone
number, including area code, of registrant's principal number, including area code, of agent for service)
executive offices)
copy to:
Robert M. Chilstrom, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, New York 10036-6522
(212) 735-3000
APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC: As
soon as practicable after the effective date of this Registration Statement.
If the only securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, please check the following
box. [_]
If any of the securities being registered on this Form are to be
offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, other than securities offered only in connection with
dividend or interest reinvestment plans, check the following box. [X]
If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box
and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. [_]
If this Form is a post-effective amendment filed pursuant to Rule
462(c) under the Securities Act, check the following box and list the Securities
Act registration statement number of the earlier effective registration
statement for the same offering. [_]
If delivery of the prospectus is expected to be made pursuant to Rule
434, please check the following box. [_]
_______________
CALCULATION OF REGISTRATION FEE
Amount to be Proposed Maximum Proposed Maximum Amount of
Title of Each Class of Amount to Be Offering Price per Aggregate Registration
Securities to be Registered Registered(1) Unit(2) Offering Price Fee(3)
--------------------------- ------------- ------- -------------- ------
Common Stock, $0.10 par value per share 6,160,708 $48.40 $298,178,267.20 $24,122.62
(1) Pursuant to Rule 416 under the Securities Act, this registration
statement also covers such additional shares as may hereafter be
offered or issued to prevent dilution resulting from stock splits,
stock dividends, recapitalizations or certain other capital
adjustments.
(2) Estimated solely for the purpose of computing the amount of the
registration fee pursuant to Rule 457(c) under the Securities Act of
1933, as amended, based on the average ($48.40) of the high and low
prices ($48.75 and $48.05, respectively) for a share of common stock as
reported on the New York Stock Exchange on August 28, 2003.
(3) Fee previously paid.
The Registrant hereby amends this Registration Statement on such date or dates
as may be necessary to delay its effective date until the Registrant shall file
a further amendment which specifically states that this Registration Statement
shall thereafter become effective in accordance with Section 8(a) of the
Securities Act of 1933 or until the Registration Statement shall become
effective on such date as the Commission, acting pursuant to said Section 8(a),
may determine.
SUBJECT TO COMPLETION, DATED NOVEMBER 4, 2003
PRELIMINARY PROSPECTUS
[LOGO]
SEALED AIR CORPORATION
6,160,708 Shares of Common Stock
This prospectus relates to the offer and sale from time to time of up
to 6,160,708 shares of common stock, $0.10 par value per share, of Sealed Air
Corporation, a Delaware corporation, by the selling stockholders named herein,
plus such additional shares of common stock as may be issuable pursuant to
anti-dilution adjustments, in the manner and under the circumstances described
under "Plan of Distribution." Such shares of common stock are issuable upon the
conversion of our 3% Convertible Senior Notes due 2033 (the "Notes"). We have
agreed with the selling stockholders that we will pay all expenses incident to
the registration of such shares of common stock under the Securities Act of
1933, as amended.
The selling stockholders may sell the shares of common stock described
in this prospectus in a number of different ways and at varying prices. For
additional information on the methods of sale, you should refer to the section
entitled "Plan of Distribution" beginning on page 11.
Our common stock is listed for trading on the New York Stock Exchange
under the symbol "SEE." On November 3, 2003, the last reported sale price of the
common stock was $53.53 per share.
Our corporate offices are located at Park 80 East, Saddle Brook, New
Jersey 07663. Our telephone number is (201) 791-7600.
---------------
Investing in our common stock involves risks. See the section entitled
"Risk Factors" beginning on page 1.
Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or passed upon the
adequacy or accuracy of this prospectus. Any representation to the contrary is a
criminal offense.
---------------
The date of this prospectus is , 2003.
TABLE OF CONTENTS
Page
Section Title Number
- ------------- ------
Risk Factors.......................................................................... 1
Cautionary Statement Regarding Forward-Looking Statements............................. 3
Summary............................................................................... 5
Use of Proceeds....................................................................... 6
Selling Stockholders.................................................................. 7
Plan of Distribution.................................................................. 14
Legal Matters......................................................................... 15
Experts............................................................................... 15
Incorporation of Documents by Reference............................................... 15
Where You Can Find More Information................................................... 16
---------------
You should rely only on the information incorporated by reference or
provided in this prospectus and its supplement(s). We have not authorized anyone
to provide you with different information. You should not assume that the
information in this prospectus or any supplement is accurate as of any date
other than the date on the front of those documents. This prospectus does not
constitute an offer to sell or a solicitation of an offer to buy the securities
in any jurisdiction to any person to whom it is unlawful to make such offer or
solicitation in such jurisdiction.
i
RISK FACTORS
You should carefully consider the risks described below, in addition to
the other information contained in this prospectus and the documents
incorporated by reference in this prospectus, before making an investment
decision. The risks described below are not the only ones we face. Additional
risks described below under "Cautionary Statement Regarding Forward-Looking
Statements" and other risks that are not currently known to us or that we
currently do not consider to be material may also impair our business operations
and financial condition.
Our business, financial condition or results of operations could be
materially adversely affected by any of these risks. The trading price of our
common stock could decline due to any of these risks, and you may lose all or
part of your investment.
This prospectus also contains or incorporates by reference
forward-looking statements that involve risks and uncertainties. Our actual
results could differ materially from those anticipated in these forward-looking
statements as a result of certain factors, including the risks faced by us
described below and elsewhere in this prospectus or in documents incorporated by
reference in this prospectus.
If the settlement of the asbestos litigation that we have agreed to in
principle is not approved and implemented, we will not be obligated to make the
payments required under the settlement agreement; however, if we do not make the
settlement payment, we will not be released from the various asbestos related,
fraudulent transfer and indemnification claims made against us.
On November 27, 2002, we reached an agreement in principle with the
Official Committee of Asbestos Personal Injury Claimants and the Official
Committee of Asbestos Property Damage Claimants (the "Committees") prosecuting
the claims against us and our wholly owned subsidiary Cryovac, Inc. to resolve
all current and future asbestos related claims arising from the Cryovac
Transaction. The "Cryovac Transaction" was a multi-step transaction, completed
on March 31, 1998, which brought the Cryovac packaging business and the former
Sealed Air Corporation under the common ownership of the Company. The settlement
will also resolve all fraudulent transfer claims, as well as indemnification
claims by Fresenius Medical Care Holdings, Inc. and affiliated companies, that
had been made against us in connection with the Cryovac Transaction. On the same
day, the court entered an order confirming that an amicable resolution of the
disputes among the parties had been reached and that counsel for the Company and
the Committees had agreed and bound the parties to the terms of this agreement
in principle. Our Board of Directors approved this agreement in principle on
December 3, 2002, and we were advised that the Committees approved this
agreement in principle as of December 5, 2002. We recorded a charge of $850.1
million reflecting our liability for this settlement and related expenses in our
consolidated statement of operations for the year ended December 31, 2002. The
parties are jointly engaged in the process of drafting a definitive settlement
agreement consistent with the terms of the agreement in principle. Once signed
by the appropriate parties, the settlement agreement will be presented to the
court for approval and will eventually be incorporated into W.R. Grace & Co.'s
("New Grace") plan of reorganization and, assuming approval by New Grace's
creditors as part of the approval of the plan of reorganization, will then be
implemented. We expect the order approving the settlement agreement will also
extend the stay of all proceedings brought against us outside the bankruptcy
court for any asbestos related claims through the effective date of New Grace's
plan of reorganization.
The settlement, upon approval and implementation in the New Grace
bankruptcy, will provide that, upon the effective date of New Grace's plan of
reorganization and our payment of the settlement amount, which includes nine
million shares of our common stock (subject to adjustment) and $512.5 million in
cash plus interest on the cash payment at a 5.5% annual rate from December 21,
1
2002 until the date the settlement amount is paid, all present and future
asbestos related claims against us and our affiliates that arise from alleged
asbestos liabilities of New Grace and its affiliates (including former
affiliates that became our affiliates through the Cryovac Transaction) will be
channeled to and become the responsibility of one or more trusts to be
established under Section 524(g) of the Bankruptcy Code as part of New Grace's
plan of reorganization. The settlement will provide that we and our affiliates
will receive releases from all asbestos-related claims, including fraudulent
transfer claims, brought against us by the Committees, as well as various
indemnification claims made against us. We will not be obligated to pay the
settlement amount unless, among other things, New Grace's plan of reorganization
is consistent with the terms of the settlement, including provisions for the
trusts and liability releases referred to above, and including an injunction
barring the future prosecution of any asbestos related claims against us and our
affiliates. If these conditions are not satisfied or not waived by us, we will
not be obligated to pay the settlement amount. However, if we do not pay the
settlement amount, we will not be released from the various asbestos-related,
fraudulent transfer, and indemnification claims made against us noted above.
Our subsidiaries hold substantially all of our assets and liabilities
and conduct substantially all of our operations, which could restrict our
ability to pay dividends.
We conduct substantially all of our business through two direct
wholly-owned subsidiaries, Cryovac, Inc. and Sealed Air Corporation (US). These
two subsidiaries directly and indirectly own substantially all of the assets of
our business and conduct operations themselves and through other subsidiaries
around the globe. Therefore, we depend on distributions or advances from our
subsidiaries to meet our debt service and other obligations and to pay
dividends, if any, with respect to shares of our common stock. Contractual
provisions, laws or regulations to which we or any of our subsidiaries may
become subject, as well as any subsidiary's financial condition and operating
requirements, may reduce funds available for dividends, service of our
indebtedness and general corporate purposes.
The price of our common stock historically has experienced significant
price and volume fluctuations, which may make it difficult for you to resell the
common stock, and the sale of substantial amounts of our common stock could
adversely affect the price of our common stock.
The market price of our common stock historically has experienced and
may continue to experience significant price and volume fluctuations similar to
those experienced by the broader stock market in recent years. In addition, our
announcements of our quarterly operating results, future developments in the
settlement of the asbestos litigation against us, changes in general conditions
in the economy or the financial markets and other developments affecting us, our
affiliates or our competitors could cause the market price of our common stock
to fluctuate substantially.
In addition, the sale of substantial amounts of our common stock could
adversely affect its price. As of June 30, 2003, 1,114,647 shares of common
stock were reserved for issuance under our contingent stock plan and directors'
stock plan and options to purchase 293,639 shares of our common stock were
outstanding (all of which were exercisable). In addition, as of June 30, 2003, 9
million shares of our common stock were reserved for issuance pursuant to the
settlement of the asbestos litigation upon the effectiveness of a plan of
reorganization in the bankruptcy of New Grace. The sale or the availability for
sale of a large number of shares of our common stock in the public market could
adversely affect the price of our common stock.
2
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements that we have made in this prospectus and in the
documents incorporated by reference herein, and in future oral and written
statements that we make may be forward-looking. These statements include
comments as to our beliefs and expectations as to future events and trends
affecting our business, our results of operations and our financial condition.
These forward-looking statements are based upon our management's current
expectations concerning future events and discuss, among other things,
anticipated future performance and future business plans. Forward-looking
statements are identified by such words and phrases as "expects," "intends,"
"believes," "will continue," "plans to," "could be," "estimates" and similar
expressions. Forward-looking statements are necessarily subject to risks and
uncertainties, many of which are outside our control, which could cause actual
results to differ materially from such statements.
We recognize that we are subject to a number of risks and uncertainties
that may affect our future performance, such as:
o economic, political, business and market conditions in the geographic
areas in which we conduct business;
o factors affecting the customers, industries and markets that use our
packaging materials and systems;
o competitive factors;
o production capacity;
o raw material availability and pricing;
o changes in energy-related expenses;
o disruptions in energy supply or communications;
o changes in the value of foreign currencies against the U.S. dollar;
o changes in interest rates, credit availability and ratings;
o the effect on us of new pronouncements by accounting authorities;
o our ability to hire, develop and retain talented employees worldwide;
o our development and commercialization of successful new products;
o our accomplishments in entering new markets and acquiring and
integrating new businesses;
o our access to financing and other sources of capital;
o the success of our key information systems projects;
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o the magnitude and timing of our capital expenditures;
o our inventory management proficiency;
o changes in our relationships with customers and suppliers;
o other effects on us of the bankruptcy filing by New Grace and its
subsidiaries;
o other legal proceedings and claims (including environmental matters)
involving us;
o the effects of animal and food-related health issues (including bovine
spongiform encephalopathy (BSE or "mad-cow" disease) and
foot-and-mouth disease) as well as other health issues affecting
trade;
o acts and effects of war or terrorism; and
o changes in domestic or foreign laws, rules or regulations, or
governmental or agency actions (including the effects of federal
asbestos legislation, if enacted).
Except as required by the federal securities laws, we do not undertake
any obligation to update publicly or revise any forward-looking statement,
whether as a result of new information, future events or otherwise.
4
SUMMARY
Overview
Sealed Air Corporation is a holding company that, operating through its
subsidiaries, is a leading global manufacturer of a wide range of food,
protective and specialty packaging products.
Our principal food packaging products include a wide range of
high-performance materials including shrink film and shrink bag products,
non-shrink laminate products and packaging systems marketed primarily under the
Cryovac(R) trademark for packaging a broad range of perishable foods. These
products also include polystyrene foam and solid plastic trays and containers,
and absorbent pads used for the packaging, protection and display of meat,
poultry, produce and other food products.
Our protective and specialty packaging products include Bubble Wrap(R)
and AirCap(R) air cellular cushioning materials, Instapak(R)polyurethane foam
packaging systems, extruded and laminated plank polyethylene foams sold under
the Stratocell(R) and other trademarks, Cell-Aire(R) polyethylene foam, a wide
range of protective and durable mailers and bags sold under a variety of
tradenames including the widely recognized Jiffy(R) trademark, shrink and
non-shrink films, Korrvu(R) suspension packaging, and certain paper based
protective packaging materials and packaging systems.
Asbestos Settlement
On November 27, 2002, the Company reached an agreement in principle
with the appropriate parties to resolve all current and future asbestos-related
claims made against the Company and its affiliates in connection with the
Cryovac Transaction. The settlement will also resolve the fraudulent transfer
claims, as well as indemnification claims by Fresenius that had been made
against the Company in connection with the Cryovac Transaction. On December 3,
2002, the agreement in principle was approved by the Company's Board of
Directors. The Company was advised that both of the Committees had approved the
agreement in principle as of December 5, 2002. For a description of the Cryovac
Transaction, the asbestos-related and other claims and the parties involved, as
well as the charges recorded by the Company in connection with the settlement,
see "Asbestos Settlement and Related Costs," "Cryovac Transaction" and
"Contingencies Related to the Cryovac Transaction" contained in our quarterly
report filed on Form 10-Q for the quarterly period ended June 30, 2003, which is
incorporated by reference into this prospectus, and the discussion below under
"Risk Factors."
Recapitalization
On July 18, 2003, the Company completed the redemption of all of the
Company's Series A convertible preferred stock, which was financed by the
issuance through private offerings in July 2003 of $400 million principal amount
of 5.625% senior notes due July 15, 2013, $450 million principal amount of
6.875% senior notes due July 15, 2033, and $431.25 million principal amount of
3% convertible senior notes due June 30, 2033.
Headquarters
Our principal executive offices are located at Park 80 East, Saddle
Brook, New Jersey 07663, and our telephone number is (201) 791-7600.
5
USE OF PROCEEDS
The shares of common stock offered hereby are being registered for
resale by the selling stockholders identified in this prospectus. See "Selling
Stockholders." We will not receive any proceeds from the sale of such shares by
the selling stockholders. All net proceeds from the sale of such shares will go
to the stockholders that offer and sell their shares.
The shares of common stock offered hereby are issuable upon the
conversion of the Notes. The Notes were issued in July 2003, at which time we
issued a total of $1,281.25 million of senior notes, including $431.25 million
of the Notes, in transactions that were exempt from registration under Rule 144A
and other available exemptions under the Securities Act of 1933, as amended (the
"Securities Act"). On July 18, 2003, the net proceeds from these offerings and
additional cash on hand were used to redeem our Series A convertible preferred
stock at the redemption price of $51.00 per share for which we used $1,298.1
million of cash plus an amount equal to dividends accrued from July 1, 2003
through July 17, 2003 for which we used $2.4 million of cash.
6
SELLING STOCKHOLDERS
We issued the Notes in the aggregate principal amount of $431.25
million in July 2003 in transactions carried out pursuant to Rule 144A under the
Securities Act. The Notes are restricted securities that are not covered by this
prospectus and are not otherwise registered under the Securities Act.
Accordingly, the Notes may not be offered or sold except in compliance with the
registration requirements of the Securities Act and all other applicable
securities laws, or pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and any other
applicable securities laws.
Holders of the Notes may convert the Notes into 6,160,708 shares of our
common stock at a conversion rate of 14.2857 shares per $1,000 principal amount
of the Notes (which is equal to a conversion price of $70.00 per share), subject
to anti-dilution adjustments in certain circumstances (the "Conversion Rate").
The 6,160,708 shares of common stock covered by this Prospectus, plus such
additional shares of common stock as may be issuable pursuant to anti-dilution
adjustments, are issuable upon the conversion of the Notes by the selling
stockholders and, following their issuance, may be sold by the selling
stockholders in the manner and under the circumstances described under "Plan of
Distribution."
At the time the Notes were issued, we entered into a registration
rights agreement with the initial purchasers of the Notes that provided that we
would file the registration statement, of which this prospectus forms a part, to
register for resale by holders of the Notes all the underlying shares of our
common stock that they would acquire upon conversion of the Notes if they have
requested to be shown as selling stockholders covered by the registration
statement. To the extent that holders of Notes have not requested us to include
in such registration statement shares of common stock issuable upon conversion
of Notes that they hold, we are obligated to do so promptly following their
request to do so. Under the registration rights agreement, we agreed to
indemnify the selling stockholders and each person, if any, who controls the
selling stockholders against certain liabilities, including liabilities under
the Securities Act, and the selling stockholders have agreed to indemnify us,
our directors, our officers and each person, if any, who controls us against
certain liabilities, including liabilities under the Securities Act.
The Notes are convertible before the close of business on June 30, 2033
only under the following circumstances:
o during any calendar quarter commencing after September 30, 2003, if
the closing sale price of our common stock exceeds 120% of the
conversion price for at least 20 trading days in the 30 consecutive
trading days ending on the last trading day of the preceding calendar
quarter;
o during any period in which (i) the long-term credit rating assigned to
the Notes by Standard & Poor's Rating Services, a division of the
McGraw-Hill Companies ("Standard and Poor's") or Moody's Investors
Services, Inc. ("Moody's") is lower than BB+ or Ba2, respectively,
(ii) either Standard & Poor's or Moody's no longer rates the Notes or
has withdrawn or suspended such rating, or (iii) the Notes are not
assigned a rating by both Standard & Poor's and Moody's;
o during the five business day period immediately after any five
consecutive trading day period in which the trading price per $1,000
principal amount of Notes for each day of that period was less than
98% of the product of the closing sale price of our common stock and
the Conversion Rate;
7
o if the Notes have been called for redemption; or
o upon the occurrence of certain corporate events.
We have the option to redeem the Notes beginning July 2, 2007 at a
price equal to 101.286% of their aggregate principal amount declining ratably to
100% of their aggregate principal amount on June 30, 2010.
The holders of the Notes have the option to require us to repurchase
the Notes on June 30 of 2010, 2013, 2018, 2023 and 2028 or upon the occurrence
of a fundamental change in or a termination of trading of our common stock at a
price equal to 100% of their principal amount, plus accrued and unpaid interest.
This prospectus also covers any additional shares of common stock that
become issuable in connection with any of the foregoing events.
The following table is based on information furnished to us by or on
behalf of the selling stockholders as of November 3, 2003. For purposes of
presenting beneficial ownership data in the table, we have assumed that the
selling stockholders will convert all of the Notes that they beneficially own
and sell all of the shares of common stock issued upon conversion of such Notes
and that no selling stockholder will acquire additional Notes or shares of
common stock issuable upon the conversion thereof after the date on the cover
page of this prospectus.
As of the date set forth on the cover of this prospectus, none of the
Notes has been converted into our common stock. We do not know if, when, or in
what amount the selling stockholders may convert any Note into common stock or
offer such common stock for resale. There can be no assurance that any of the
conditions that would permit conversion of the Notes will be satisfied or that,
if such conditions are satisfied, the selling stockholders will convert any of
the Notes that they beneficially own or sell any or all of the shares of common
stock acquired upon conversion of such Notes that are covered by this
prospectus.
Since November 3, 2003, each selling stockholder identified below may
have sold, transferred or otherwise disposed of all or a portion of the Notes
that such selling stockholder beneficially owns in a transaction exempt from the
registration requirements of the Securities Act. Information concerning the
selling stockholders may change from time to time, and any changed information
will be set forth in supplements to this prospectus to the extent required by
the rules and regulations under the Securities Act. In addition, as discussed
above, the Conversion Rate, and therefore the number of shares of our common
stock issuable upon conversion of the Notes, is subject to adjustment.
Accordingly, the number of shares of common stock issuable upon such conversion
may increase or decrease.
The following table sets forth as of November 3, 2003:
o the names of the selling stockholders who have requested that their
shares be included in this registration statement by completing the
questionnaire required under the registration rights agreement (we
will update this table following receipt of further notification by
the selling stockholders);
o the number of shares of common stock issuable upon the conversion of
the Notes that are beneficially owned by each of the selling
stockholders;
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o the number of shares of common stock issuable upon the conversion of
the Notes that are being offered by the selling stockholders in this
prospectus; and
o the number of shares of common stock held by the selling stockholders
as a group.
Unless set forth in the following table or the footnotes thereto, to
our knowledge, none of the selling stockholders has or since November 3, 2000
has had, any material relationship with us or any of our predecessors or
affiliates, and none of the selling stockholders beneficially owns, as of
November 3, 2003, in excess of 1% of our outstanding common stock.
As of August 31, 2003, there were 84,934,205 shares of our common stock
issued and outstanding.
COMMON STOCK COMMON STOCK TO
BENEFICIALLY BE BENEFICIALLY
OWNED AS OF COMMON STOCK OWNED AFTER PERCENTAGE OF
November 3, OFFERED IN THIS THIS ALL COMMON
NAME 2003 (1) PROSPECTUS (1) OFFERING (1) STOCK (2)
---- -------- -------------- ------------ ---------
Advisory Convertible Arbitrage Fund (I) L.P.
(3) 14,285 14,285 -- --
llstate Insurance Company (4) 14,285 14,285 -- --
Allstate Life Insurance Company (4) 14,285 14,285 -- --
American Investors Life Insurance Co. (5) 2,857 2,857 -- --
AmerUs Life Insurance Co. (5) 21,428 21,428 -- --
Arbitex Master Fund, L.P. (6) 671,427 671,427 -- --
Aviva Life Insurance Co. (7) 28,571 28,571 -- --
Banc of America Securities LLC (8) 185,714 185,714 -- --
Bank of America Pension Plan (9) 42,857 42,857 -- --
Bankers Life Insurance Company of New York (5) 1,428 1,428 -- --
Barclays Global Investors Limited (9) 3,571 3,571 -- --
Bear, Stearns & Co. Inc. (10) 164,285 164,285 -- --
Black Diamond Convertible Offshore
LDC (11) 31,114 31,114 -- --
Black Diamond Offshore Ltd. (11) 17,357 17,357 -- --
BP Amoco PLC Master Trust (12) 5,871 5,871 -- --
Citigroup Global Markets Inc. 18,642 18,642 -- --
Consulting Group Capital Markets Fund (9) 14,285 14,285 -- --
Convertible Securities Fund (13) 857 857 -- --
Credit Suisse First Boston Europe Limited 996 996 -- --
D.E. Shaw Investment Group, L.P. (14) 42,857 42,857 -- --
D.E. Shaw Valence Portfolios, L.P. (14) 171,428 171,428 -- --
Daimler Chrysler Corp Emp. #1 Pension Trust
dtd 4/1/89 (15) 41,428 41,428 -- --
Davidson Kempner Institutional
Partners (16) 78,142 78,142 -- --
Davidson Kempner International
Limited (16) 89,428 89,428 -- --
Davidson Kempner Partners (16) 43,285 43,285 -- --
DB Equity Opportunities Master Portfolio 71,427 71,427 -- --
Deam Convertible Arbitrage 35,714 35,714 -- --
9
Deephaven Domestic Convertible
Trading Ltd. 105,642 105,642 -- --
Deep Rock & Co. (9) 52,857 52,857 -- --
Double Black Diamond Offshore LDC (11) 91,071 91,071 -- --
Franklin and Marshall College (15) 3,114 3,114
Gaia Offshore Master Fund Ltd. 17,142 17,142 -- --
General Motors Welfare Benefit Trust (9) 17,142 17,142 -- --
GLG Market Neutral Fund 107,142 107,142 -- --
GMAM Group Pension Trust (9) 61,428 61,428 -- --
Grace Convertible Arbitrage Fund, LTD (17) 78,571 78,571 -- --
Guggenheim Portfolio Co. XV, LLC (18) 7,142 7,142 -- --
Hotel Union and Hotel Industry of Hawaii
Pension Plan (12) 2,285 2,285 -- --
IL Annuity and Insurance Co. (5) 217,142 217,142 -- --
JMG Capital Partners LP (19) 139,285 139,285 -- --
JMG Triton Offshore Fund LTD (20) 139,285 139,285 -- --
John Deere Pension Trust (9) 33,571 33,571 -- --
Lyxor Master Fund 28,571 28,571 -- --
Lyxor/Gaia II Fund Ltd 5,714 5,714 -- --
M.H. Davidson & Co. (16) 3,428 3,428 -- --
MLQA Convertible Securities Arbitrage (21) 107,142 107,142 -- --
Morgan Stanley Convertible Securities Trust 28,571 28,571 -- --
Nations Convertible Securities Fund (13) 141,999 141,999 -- --
NMS Services (Cayman), Inc. (22) 142,856 142,856 -- --
Nomura Securities Intl Inc. 28,571 28,571 -- --
Oppenheimer Convertible Securities Fund 42,857 42,857 -- --
People Benefit Life Insurance Company
Teamsters (9) 77,142 77,142 -- --
Pyramid Equity Strategies Fund 17,856 17,856 -- --
Quattro Fund Limited 31,999 31,999 -- --
Ramius Capital Group (18) 7,142 7,142 -- --
Ramius Master Fund, LTD (18) 46,428 46,428 -- --
Ramius Partners II, LP (18) 3,571 3,571 -- --
Ramius, LP (18) 1,428 1,428 -- --
RBC Alternative Assets LP (23) 2,857 2,857 -- --
RCG Baldwing, LP (18) 5,714 5,714 -- --
RCG Latitude Master Fund, LTD (18) 46,428 46,428 -- --
RCG Multi Strategy Master Fund, LTD (18) 14,285 14,285 -- --
Retail Clerics Pension Trust (9) 58,571 58,571 -- --
Retail Clerics Pension Trust #2 (9) 50,714 50,714 -- --
S.A.C. Capital Associates, LLC (24) 21,428 21,428 -- --
Sage Capital 55,713 55,713 -- --
Sphinx Convertible Arb Fund SPC (12) 3,613 3,613 -- --
SSI Blended Market Neutral L.P. (12) 3,671 3,671 -- --
St. Albans Partners LTD. (9) 93,571 93,571 -- --
State Street Bank Custodian For GE Pension
Trust (15) 26,885 26,885 -- --
The Coast Fund, L.P. (25) 107,142 107,142 -- --
Thrivent Financial for Lutherans 35,714 35,714 -- --
Topanga XI (22) 5,714 5,714 -- --
UBS O'Connor LLC F/B/O O'Connor Global
Convertible Arbitrage Master Limited 307,142 307,142 -- --
10
UBS O'Connor LLC F/B/O O'Connor Global
Convertible Portfolio 7,142 7,142 -- --
Van Kampen Harbor Fund (26) 28,571 28,571 -- --
Viacom Inc. Pension Plan Master Trust (12) 199 199 -- --
White River Securities L.L.C. (27) 164,285 164,285 -- --
Worldwide Transactions Ltd (11) 3,314 3,314 -- --
WPG Convertible Arbitrage Overseas Master Fund
(28) 11,428 11,428 -- --
WPG MSA Convertible Arbitrage
Fund (28) 2,857 2,857 -- --
Xavex Convertible Arbitrage 5 Fund (18) 10,714 10,714 -- --
Yield Strategies Fund I, L.P. (9) 24,285 24,285 -- --
Zurich Institutional Benchmark Management 7,999 7,999 -- --
Zurich Institutional Benchmarks Master Fund
Ltd. (12) 14,428 14,428 -- --
TOTAL 4,730,302 4,730,302 -- --
- ----------------
1. For each selling stockholder, this number represents the number of
shares of common stock that would be beneficially owned by such selling
stockholder after the conversion of the Notes beneficially owned by
such selling stockholder as of November 3, 2003, assumes that the
selling stockholders will sell all shares of common stock offered by
them under this prospectus, and further assumes that all of the Notes
have been converted.
2. For each selling stockholder, this number represents the percentage of
common stock that would be owned by such selling stockholder after
completion of the offering, based on the number of shares of common
stock outstanding as of November 3, 2003 and assuming all the Notes
beneficially owned by such selling stockholder as of November 3, 2003,
have been converted.
3. We have been advised that Advisory Convertible Arbitrage L.L.C. general
partner of Advisory Convertible Arbitrage Fund (I) L.P. is an indirect
subsidiary of American Express Company.
4. We have been advised that these companies are subsidiaries of The
Allstate Corporation.
5. We have been advised that Mr. Thomas J. Ray may be deemed the
beneficial owner of these shares by virtue of his voting control and
investment discretion with respect to these shares.
6. We have been advised that Mr. Clark Hunt and Mr. Jonathan Bren may be
deemed the beneficial owners of these shares by virtue of their voting
control and investment discretion with respect to these shares.
7. We have been advised that Mr. David Clott may be deemed the beneficial
owner of these shares by virtue of his voting control and investment
discretion with respect to these shares.
8. We have been advised that Banc of America Securities LLC is a
subsidiary of Banc of America Corporation.
9. We have been advised that Camden Asset Management may be deemed the
beneficial owner of these shares by virtue of its voting control and
investment discretion with respect to these shares.
10. We have been advised that Bear, Stearns & Co. Inc. is a subsidiary of
The Bear Stearns Companies Inc.
11. We have been advised that Mr. Clint D. Carlson may be deemed the
beneficial owner of these shares by virtue of his control of Carlson
Capital, L.P., which has voting control and investment discretion with
respect to these shares.
11
12. We have been advised that Mr. John Gottfurcht, Mr. George Douglas and
Ms. Amy Jo Gottfurcht may be deemed the beneficial owners of these
shares by virtue of their control of SSI Investment Management, which
has voting control and investment discretion with respect to these
shares.
13. We have been advised that Mr. Ed Cassens and Mr. Yanfang C. Yan may be
deemed the beneficial owner of these shares by virtue of its voting
control and investment discretion.
14. We have been advised that Mr. Julius Gaudio, Mr. Eric Wepsic and Ms.
Anne Dinning may be deemed the beneficial owner of these shares by
virtue of their voting control and investment discretion.
15. We have been advised that Palisade Capital Management, L.L.C. may be
deemed the beneficial owner of these shares by virtue of its voting
control and investment discretion.
16. We have been advised that Messrs. Marvin H. Davidson, Scott E.
Davidson, Robert J. Brivio, Thomas L. Kempner, Michael J. Leffel,
Stephen M. Dowicz, and Timothy I. Levart may be deemed the beneficial
owner of these shares by virtue of their voting control and investment
discretion.
17. We have been advised that Grace Brothers Management, LLC may be deemed
the beneficial owner of these shares by virtue of its voting control
and investment discretion.
18. We have been advised that Mr. Alex Adair may be deemed the beneficial
owner of these shares by virtue of his voting control and investment
discretion with respect to these shares.
19. We have been advised that JMG Capital Partners, L.P. is a California
limited partnership and of the following additional information: Its
general partner is JMG Capital Management, LLC, a Delaware limited
liability company and an investment adviser registered with the
Securities and Exchange Commission. JMG Capital Partners, L.P. has
voting and dispositive power over JMG Capital Partners, L.P.'s
investments, including the registrable securities. The equity interests
of JMG Capital Management, LLC are owned by JMG Capital Management,
Inc., a Delaware corporation, and Asset Alliance Holding Corp., a
Delaware corporation. Jonathan M. Glaser is the executive officer and
director of JMG Capital Management Inc. and has sole investment
discretion over JMG Capital Partners, L.P.'s portfolio holdings.
20. We have been advised that JMG Triton Offshore Fund, LTD is an
international business company under the laws of the British Virgin
Islands and of the following additional information: The fund's
investment manager is Pacific Assets Management LLC, a Delaware limited
liability company. Pacific Assets Management LLC is an investment
adviser registered with the Securities and Exchange Commission and has
voting and dispositive power over the fund's investments, including the
registrable securities. The equity interest of the Pacific Assets
Management LLC are owned by Pacific Capital Management, Inc., a
Delaware corporation, and Asset Alliance Holding Corp., a Delaware
corporation. The equity interests of Pacific Capital Management, Inc.
are owned by Messrs. Roger Richter, Jonathan M. Glaser and Daniel A.
David and Messrs. Glaser and Richter have sole investment discretion
over the fund's portfolio holdings.
21. We have been advised that Merrill Lynch & Co. Inc. may be deemed the
beneficial owner of these shares by virtue of its voting control and
investment discretion.
22. We have been advised that NMS Services (Cayman) Inc. is an indirect
wholly owned subsidiary of Bank of America Corporation. Topanga XI is a
wholly-owned subsidiary of NMS Services (Cayman) Inc.
23. We have been advised that RBC Alternative Assets LP is a wholly owned
subsidiary of RBC Alternative Assets Inc., which is an indirect wholly
owned subsidiary of the Royal Bank of Canada.
24. We have been advised that S.A.C. Capital Advisors, LLC, a Delaware
limited liability company and S.A.C. Capital Management, LLC, a
Delaware limited liability company share all investment and voting
power with respect to the securities held by S.A.C. Capital Associates,
LLC, and that Mr. Steven A. Cohen controls both entities.
12
25. We have been advised that David E. Smith and Christopher D. Petitt may
be deemed the beneficial owners of these shares by virtue of their
control of Coast Offshore (Cayman) Management LTD, which has voting
control and investing discretion with respect to these shares.
26. We have been advised that Van Kampen Asset Management Inc. is Van
Kampen Harbor Fund's investment advisor and it has discretionary
authority over the fund's portfolio and that Van Kampen Asset
Management is affiliated with Morgan Stanley & Co.
27. We have been advised that Messrs. Yan Erlikh and David Liebowitz may be
deemed the beneficial owners of these shares by virtue of their voting
control and investment discretion with respect to these shares.
28. We have been advised that Ms. Sheri Kaplan may be deemed the beneficial
owner of these shares by virtue of her voting control and investment
discretion with respect to these shares.
13
PLAN OF DISTRIBUTION
We are registering the shares of common stock covered by this
prospectus for resale by the selling stockholders. The term "selling
stockholders" as used in this section of the prospectus refers to the selling
stockholders listed above, or their pledgees, donees, transferees, or any of
their successors in interest.
Following conversion of the Notes, such shares of common stock may be
sold from time to time directly by the selling stockholders or, alternatively,
through underwriters, broker-dealers or agents. If shares of the common stock
obtained upon conversion are sold through underwriters, broker-dealers or
agents, the selling stockholders will be responsible for underwriting discounts
or commissions or agent's commissions. Such common stock may be sold in one or
more transactions at fixed prices, at prevailing market prices at the time of
sale, at varying prices determined at the time of sale or at negotiated prices.
Such sales may be effected in transactions (which may involve block
transactions) (i) on any national securities exchange or quotation service on
which the common stock may be listed or quoted at the time of sale, (ii) in the
over-the-counter market, (iii) in transactions otherwise than on such exchanges
or services or in the over-the-counter market, or (iv) through the writing of
options. In connection with sales of the common stock or otherwise, the selling
stockholders may enter into hedging transactions with broker-dealers, which may
in turn engage in short sales of the common stock in the course of hedging
positions they assume. The selling stockholders may also sell common stock short
and deliver common stock to close out short positions, or loan or pledge common
stock to broker-dealers that in turn may sell such securities.
In no event will any distribution of the shares of common stock covered
by this prospectus take the form of an underwritten offering without the prior
agreement of the Company.
Because the selling stockholders may be deemed to be "underwriters"
within the meaning of Section 2(11) of the Securities Act, the selling
stockholders will be subject to the prospectus delivery requirements of the
Securities Act, which may include delivery through the facilities of the New
York Stock Exchange pursuant to Rule 153 under the Securities Act. We have
informed the selling stockholders that the anti-manipulative provisions of
Regulation M promulgated under the Exchange Act may apply to their sales in the
market.
The selling stockholders also may resell all or a portion of the shares
in open market transactions in reliance upon and in compliance with Rule 144
under the Securities Act.
Upon being notified by a selling stockholder that any material
arrangement has been entered into with a broker-dealer for the sale of shares
through a block trade, special offering, exchange distribution or secondary
distribution or a purchase by a broker or dealer, we will file a supplement to
this prospectus, if required, pursuant to Rule 424(b) under the Securities Act,
disclosing:
o the name of such selling stockholder and of the participating
broker-dealer(s);
o the number of shares involved;
o the price at which such shares were sold;
o the commissions paid or discounts or concessions allowed to such
broker-dealer(s), where applicable;
14
o that such broker-dealer(s) did not conduct any investigation to verify
the information set out or incorporated by reference in this
prospectus; and
o any other facts material to the transaction.
LEGAL MATTERS
The validity of the common stock to be offered by this prospectus is
being passed on for us by Skadden, Arps, Slate, Meagher & Flom LLP.
EXPERTS
The consolidated financial statements and the related financial
statement schedule of Sealed Air Corporation as of December 31, 2002 and 2001,
and for each of the years in the three-year period ended December 31, 2002, have
been incorporated by reference herein in reliance upon the report of KPMG LLP,
independent accountants, incorporated by reference herein, and upon the
authority of said firm as experts in accounting and auditing. The audit report
covering the December 31, 2002, consolidated financial statements refers to the
Company's adoption of Statement of Financial Accounting Standards No. 142,
"Goodwill and Other Intangible Assets," as of January 1, 2002.
INCORPORATION OF DOCUMENTS BY REFERENCE
The Securities and Exchange Commission (the "SEC") allows us to
"incorporate by reference" certain of our publicly filed documents into this
prospectus, which means that information included in these documents is
considered part of this prospectus. The following documents filed by us with the
SEC are incorporated by reference into this prospectus:
o our annual report on Form 10-K for the year ended December 31, 2002;
o our quarterly reports on Form 10-Q for the quarters ended March 31,
2003 and June 30, 2003;
o our Proxy Statement on Schedule 14A for our 2003 annual meeting of
stockholders;
o our current reports on Form 8-K filed on April 9, 2003, April 14,
2003, April 23, 2003, June 27, 2003, July 3, 2003 and July 23, 2003;
and
o the description of our common stock contained in our Joint Proxy
Statement/Prospectus filed as part of our Registration Statement on
Form S-4, declared effective on February 13, 1998.
All documents filed by us with the SEC pursuant to Section 13(a),
13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), after the date of this prospectus and prior to the termination
of the offering covered by this prospectus will be deemed to be incorporated by
reference into this prospectus and to be a part of the prospectus from the date
of filing of such documents. Any statement contained in this prospectus or in
any document incorporated or deemed to be incorporated by reference into this
prospectus shall be deemed to be modified or superseded for purposes of this
prospectus to the extent that a statement contained herein or in any other
subsequently filed document which also is or is deemed to be incorporated by
reference herein modifies or supersedes such statement. Any statement so
modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this prospectus.
15
WHERE YOU CAN FIND MORE INFORMATION
We file annual, quarterly and special reports, proxy statements and
other information with the SEC under the Exchange Act. The registration
statement of which this prospectus forms a part and these reports, proxy
statements and other information can be inspected and copied at the Public
Reference Room maintained by the SEC at Room 1024, Judiciary Plaza, 450 Fifth
Street, N.W., Washington, D.C. 20549. Copies of these materials may also be
obtained from the SEC at prescribed rates by writing to the Public Reference
Room maintained by the SEC at Room 1024, Judiciary Plaza, 450 Fifth Street,
N.W., Washington, D.C. 20549. You may obtain information on the operation of the
Public Reference Room by calling the SEC at 1-800-SEC-0330.
We have filed with the SEC a registration statement on Form S-3 under
the Securities Act with respect to this offering. This prospectus, which forms a
part of the registration statement, does not contain all the information
included in the registration statement and the attached exhibits.
The SEC maintains an Internet site at http://www.sec.gov that contains
reports, proxy and information statements, and other information regarding us.
The reports, proxy and information statements, and other information about us
can be downloaded from the SEC's website and can also be inspected and copied at
the offices of the New York Stock Exchange, Inc., 11 Wall Street, New York, New
York 10005.
We will provide, without charge to each person, including any
beneficial owner, to whom this prospectus is delivered, upon written or oral
request of such person, a copy of any and all of the information that has been
or may be incorporated by reference in this prospectus, other than exhibits to
such documents (unless such exhibits are specifically incorporated by reference
into such documents). Such requests should be directed to Director of Corporate
Communications, Sealed Air Corporation, Park 80 East, Saddle Brook, New Jersey
07663, telephone number (201) 791-7600.
16
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION
The following table sets forth the costs and expenses payable by the
registrant in connection with the sale of the shares of common stock being
registered. All amounts are estimates except the Securities and Exchange
Commission registration fee.
Legal fees and expenses $ 50,000.00
Accounting fees and expenses $ 25,000.00
SEC registration fee $ 24,122.62
Miscellaneous expenses $ 5,000.00
-----------
Total $104,122.62
ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS
Section 145 of the General Corporation Law of the State of Delaware
(the "General Corporation Law") provides that: (1) under certain circumstances a
corporation may indemnify a director or officer made party to, or threatened to
be made party to, any civil, criminal, administrative or investigative action,
suit or proceeding (other than an action by or in the right of the corporation)
because such person is or was a director, officer, employee or agent of the
corporation, or because such person is or was so serving another enterprise at
the request of the corporation, against expenses, judgments, fines and amounts
paid in settlement reasonably incurred by such person in connection with such
action, suit or proceeding, if such person acted in good faith and in a manner
such person reasonably believed to be in or not opposed to the best interests of
the corporation, and, with respect to criminal cases, had no reasonable cause to
believe such person's conduct was unlawful; (2) under certain circumstances a
corporation may indemnify a director or officer made party to, or threatened to
be made party to, any action or suit by or in the right of the corporation for
judgment in favor of the corporation because such person is or was a director,
officer, employee or agent of the corporation, or because such person is or was
so serving another enterprise at the request of the corporation, against
expenses reasonably incurred by such person in connection with the defense or
settlement of such action or suit if such person acted in good faith and in a
manner such person reasonably believed to be in or not opposed to the best
interests of the corporation; and (3) a director or officer shall be indemnified
by the corporation against expenses reasonably incurred by such person in
connection with and to the extent that such person has been successful on the
merits or otherwise in defense of any action, suit or proceeding referred to in
the preceding clauses, or in defense of any claim, issue or matter therein.
Under Article ELEVENTH of the Company's Amended and Restated
Certificate of Incorporation and Article 8 of the Company's By-Laws,
indemnification of directors and officers is provided for to the fullest extent
permitted under the General Corporation Law. Article TWELFTH of the Company's
Amended and Restated Certificate of Incorporation eliminates the liability of
directors for monetary damages for breach of fiduciary duty as directors, except
for liability (1) for any breach of the director's duty of loyalty to the
Corporation or its stockholders, (2) for acts or omissions not in good faith or
which involve intentional misconduct or a knowing violation of law, (3) under
Section 174 of the General Corporation Law, or (4) for any transaction from
which the director derived an improper personal benefit. The General Corporation
Law, the Company's Amended and Restated Certificate of Incorporation and the
By-Laws of the Company permit the purchase by the Company of insurance for
indemnification of directors and officers. The Company currently maintains
directors and officers liability insurance.
Part II-1
The foregoing summary of Section 145 of the General Corporation Law,
Articles ELEVENTH and TWELFTH of the Amended and Restated Certificate of
Incorporation of the Company and Article 8 of the By-Laws of the Company is
qualified in its entirety by reference to the relevant provisions of Section
145, the relevant provisions of the Company's Unofficial Composite Amended and
Restated Certificate of Incorporation, which is attached hereto as Exhibit 3.1,
and the relevant provisions of the Company's By-Laws, which are incorporated
herein by reference to Exhibit 3.3 to the Company's Annual Report on Form 10-K
for the year ended December 31, 2000, File No. 1-12139.
Under the Registration Rights Agreement (Exhibit 4.2 hereto), the
Company has agreed to indemnify the selling security holders and each person, if
any, who controls each selling security holder against certain liabilities,
including liabilities under the Securities Act of 1933, and the selling security
holders have agreed to indemnify the Company, its directors, its officers and
each person, if any, who controls the Company against certain liabilities,
including liabilities under the Securities Act of 1933.
ITEM 16. EXHIBITS
The following is a list of all exhibits filed as part of this
Registration Statement, including those incorporated by reference.
EXHIBIT
NUMBER DESCRIPTION
- ------ -----------
3.1 Unofficial Composite Amended and Restated Certificate of
Incorporation of the Company, effective August 27, 2003. *
3.2 Amendment to the Certificate of Incorporation of the Company,
filed with the Secretary of State of the State of Delaware on
August 27, 2003. *
3.3 Amended and Restated By-Laws of the Company as currently in
effect. (Exhibit 3.3 to the Company's Annual Report on Form
10-K for the year ended December 31, 2000, File No. 1-12139,
is incorporated herein by reference.)
4.1 Indenture, dated as of July 1, 2003, of the Company, as
Issuer, to SunTrust Bank, as Trustee, regarding the Notes.
(Exhibit 4.2 to the Company's Quarterly Report on Form 10-Q
for the quarterly period ended June 30, 2003, File No.
1-12139, is incorporated herein by reference.)
4.2 Registration Rights Agreement, dated as of July 1, 2003,
between the Company, as Issuer, and the initial purchasers of
the Notes. (Exhibit 4.3 to the Company's Quarterly Report on
Form 10-Q for the quarterly period ended June 30, 2003, File
No. 1-12139, is incorporated herein by reference.)
5.1 Opinion of Skadden, Arps, Slate, Meagher & Flom LLP. *
23.1 Consent of KPMG LLP.
23.2 Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included
in Exhibit 5.1).
24.1 Powers of Attorney. *
- ---------------
* Previously filed.
Part II-2
ITEM 17. UNDERTAKINGS
The undersigned registrant hereby undertakes that, for purposes of determining
any liability under the Securities Act of 1933, each filing of the registrant's
annual report pursuant to Section 13(a) of 15(d) of the Securities Exchange Act
of 1934 (and, where applicable, each filing of an employee benefit plan's annual
report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is
incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
The undersigned registrant hereby undertakes:
1. To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually
or in the aggregate, represent a fundamental change in the
information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered)
and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b)
if, in the aggregate, the changes in volume and price
represent no more than a 20 percent change in the maximum
aggregate offering price set forth in the "Calculation of
Registration Fee" table in the effective registration
statement;
(iii) To include any material information with respect to the plan
of distribution not previously disclosed in the registration
statement or any material change to such information in the
registration statement;
provided, however, that paragraphs (i) and (ii) above do not apply if
the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed with or
furnished to the Commission by the registrant pursuant to Section 13 or
Section 15(d) of the Exchange Act of 1934 that are incorporated by
reference in the registration statement.
2. That, for the purpose of determining any liability under the Securities
Act of 1933, each such post-effective amendment shall be deemed to be a
new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
3. To remove from registration by means of a post-effective amendment any
of the securities being registered that remain unsold at the
termination of the offering.
Part II-3
Insofar as indemnification for liabilities arising under the Securities Act of
1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.
Part II-4
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-3 and has duly caused this Amendment
No. 1 to the Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the Township of Saddle Brook, State
of New Jersey, on the 4th day of November 2003.
Sealed Air Corporation
(Registrant)
By: /s/ William V. Hickey
---------------------------------------
Name: William V. Hickey
Title: President and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933 this
Amendment No. 1 to the Registration Statement has been signed by the following
persons in the capacities and on the dates indicated.
Signature Title Date
--------- ----- ----
By: /s/ William V. Hickey President, Chief Executive Officer November 4, 2003
----------------------------- And Director
Name: William V. Hickey (Principal Executive Officer)
By: /s/ David H. Kelsey Vice President and Chief Financial November 4, 2003
----------------------------- Officer
Name: David H. Kelsey (Principal Financial Officer)
By: /s/ Jeffrey S. Warren Controller November 4, 2003
----------------------------- (Principal Accounting Officer)
Name: Jeffrey S. Warren
By: /s/ Hank Brown* Director November 4, 2003
-----------------------------
Name: Hank Brown
By: /s/ Michael Chu* Director November 4, 2003
-----------------------------
Name: Michael Chu
By: /s/ Lawrence R. Codey* Director November 4, 2003
-----------------------------
Name: Lawrence R. Codey
By: /s/ T.J. Dermot Dunphy* Director November 4, 2003
-----------------------------
Name: T.J. Dermot Dunphy
By: /s/ Charles F. Farrell, Jr.* Director November 4, 2003
-----------------------------
Name: Charles F. Farrell, Jr.
By: /s/ Shirley Ann Jackson* Director November 4, 2003
-----------------------------
Name: Shirley Ann Jackson
By: /s/ Kenneth P. Manning* Director November 4, 2003
-----------------------------
Name: Kenneth P. Manning
By: /s/ William J. Marino* Director November 4, 2003
-----------------------------
Name: William J. Marino
* By: /s/ H. Katherine White
-----------------------------
H. Katherine White
Attorney-in-Fact
Index to Exhibits
EXHIBIT
NUMBER DESCRIPTION
3.1 Unofficial Composite Amended and Restated Certificate of
Incorporation of the Company, effective August 27, 2003. *
3.2 Amendment to the Certificate of Incorporation of the Company,
filed with the Secretary of State of the State of Delaware on
August 27, 2003. *
3.3 Amended and Restated By-Laws of the Company as currently in
effect. (Exhibit 3.3 to the Company's Annual Report on Form
10-K for the year ended December 31, 2000, File No. 1-12139,
is incorporated herein by reference.)
4.1 Indenture, dated as of July 1, 2003, of the Company, as
Issuer, to SunTrust Bank, as Trustee, regarding the Notes.
(Exhibit 4.2 to the Company's Quarterly Report on Form 10-Q
for the quarterly period ended June 30, 2003, File No.
1-12139, is incorporated herein by reference.)
4.2 Registration Rights Agreement, dated as of July 1, 2003,
between the Company, as Issuer, and the initial purchasers of
the Notes. (Exhibit 4.3 to the Company's Quarterly Report on
Form 10-Q for the quarterly period ended June 30, 2003, File
No. 1-12139, is incorporated herein by reference.)
5.1 Opinion of Skadden, Arps, Slate, Meagher & Flom LLP. *
23.1 Consent of KPMG LLP.
23.2 Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included
in Exhibit 5.1).
24.1 Powers of Attorney. *
- ---------------
* Previously filed.
Exhibit 23.1 Independent Auditors' Consent The Board of Directors Sealed Air Corporation: We consent to the use of our report dated January 24, 2003, with respect to the Consolidated Balance Sheets of Sealed Air Corporation and Subsidiaries as of December 31, 2002 and 2001, and the related Consolidated Statements of Operations, Shareholders' Equity, Cash Flows, and Comprehensive (Loss) Income for each of the years in the three-year period ended December 31, 2002, and the related schedule, incorporated herein by reference and to the reference to our firm under the heading "Experts" in the prospectus. Our report on such consolidated financial statements refers to the Company's adoption of Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets," as of January 1, 2002. KPMG LLP /S/ KPMG LLP Short Hills, New Jersey November 3, 2003