Sealed Air launches tender offer for 5 1/8% senior notes due 2024

By Marisa Wong

Los Angeles, Nov. 8 – Sealed Air Corp. has begun a cash tender offer for any and all of its $425 million outstanding 5 1/8% senior notes due 2024 (Cusip: 81211KAW0, U81193AN1), according to a press release.

Pricing will be based on the 4½% U.S. Treasury due Nov. 30, 2024 and a fixed spread of 50 basis points.

The company will also pay accrued interest.

Pricing will be set at 2 p.m. ET on Nov. 15.

The offer will expire at 5 p.m. ET on Nov. 15. Tenders may be withdrawn prior to that time.

Tenders may also be submitted under guaranteed delivery procedures.

Settlement is slated for Nov. 20.

BofA Securities, Inc. (888 292-0070 or 980 683-5454) is dealer manager for the offer.

The depositary and information agent is Global Bondholder Services Corp. (contact@gbsc-usa.com; 855 654-2014 or, for banks and brokers, 212 430-3774).

The packaging company is based in Charlotte, N.C.

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