By Stephanie N. Rotondo
Portland, Ore., Jan. 26 - Sealed Air Corp. said Monday that it had obtained a commitment from Davis Advisers on behalf of its advisory clients and Berkshire Hathaway Inc. for $300 million of senior unsecured notes.
The bonds are expected to bear interest at 12% and mature in 2014, according to a new release. Other terms are still under negotiation, but are expected to be similar to Sealed Air's existing senior notes.
The private placement transaction is expected to close in February.
Proceeds from the deal will help to fund all of Sealed Air's 2009 debt obligations, including a potential cash settlement payment in regards to the company's W. R. Grace settlement.
Sealed Air is an Elmwood Park, N.J.-based manufacturer of materials and systems for protective, presentation and fresh food packaging and performance solutions in the industrial, food and consumer markets.
| Issuer: | Sealed Air Corp.
|
| Security description: | Senior unsecured notes
|
| Amount: | $300 million
|
| Coupon: | 12%
|
| Maturity: | 2014
|
| Expected settlement: | February
|
| Distribution: | Private placement
|
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