Sealed Air amends revolver, raising pricing, modifying covenant definitions

By Sara Rosenberg

New York, Dec. 15 - Sealed Air Corp. amended its revolving credit facility, increasing pricing and revising the definitions of certain financial covenants, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Under the amendment, pricing on the revolver can now range from Libor plus 165 basis points to 275 bps depending on ratings.

Also, the definitions of EBITDA, consolidated interest expense and consolidated net debt were changed.

In addition, the amendment provides a mechanism to increase the revolver to a maximum of $750 million from the current total amount available for borrowing of about $472 million.

The amendment was completed on Dec. 12.

Citicorp is the agent on the deal.

Sealed Air is an Elmwood Park, N.J.-based manufacturer and seller of packaging and performance-based materials, and equipment systems that serve food, industrial, medical and consumer applications.

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