Sealed Air takes in tenders of $336.91 million 6½% notes due 2020

By Wendy Van Sickle

Columbus, Ohio, Nov. 21 – Sealed Air Corp. announced the final results and total consideration in its cash tender offer for any and all of its $425 million outstanding 6½% senior notes due 2020.

The company took in tenders of $336,913,000, or 79.27%, of the outstanding notes by the expiration of the offer at 5 p.m. ET on Nov. 21, the company said in a news release on Thursday.

For each $1,000 principal amount of notes, the company will pay $1,033.02, the company announced earlier in the day.

The consideration for each $1,000 principal amount of tendered notes was determined by reference to a fixed spread of 50 basis points plus the yield to maturity based on the bid-side price of the 1.375% U.S. Treasury due Aug. 31, 2020. Pricing was set at 2 p.m. ET on Nov. 21.

Sealed Air will also pay accrued interest to but excluding the settlement date, which is expected to be Nov. 26.

The tender offer is conditioned on Sealed Air completing an offering of new debt securities.

J.P. Morgan Securities LLC (866 834-4666 or 212 834-3424) is the dealer manager. D.F. King & Co., Inc. (212 269-5550 for banks and brokers or 877 478-5040 for all others or sealedair@dfking.com) is the information and tender agent.

Sealed Air is a Charlotte, N.C.-based manufacturer of packaging materials.

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