Sealed Air launches roughly $800 million term loan B to investors

By Sara Rosenberg

New York, Nov. 5 - Sealed Air Corp. held a conference call on Monday afternoon to launch an about $800 million term loan B, according to a market source.

The B loan is split between a $575 million tranche talked at Libor plus 300 basis points with a 1% Libor floor and an original issue discount of 99¾ and a €175 million tranche talked at Euribor plus 350 bps with a 1% floor and a discount of 993/4, the source said.

The entire term loan B has 101 soft call protection for one year.

Proceeds will be used to refinance a U.S. term loan B that is priced at Libor plus 375 bps with a 1% Libor floor and a euro term loan B that is priced at Euribor plus 450 bps with a 1% floor.

Commitments are due on Nov. 13, the source added.

Also, the company is looking to amend its existing credit facility to relax the leverage covenant.

Lenders are being offered a 12.5 bps amendment fee.

Citigroup Global Markets Inc., Bank of America Merrill Lynch, BNP Paribas Securities Corp. and RBS Securities Inc. are the lead banks on the deal.

Sealed Air is an Elmwood Park, N.J.-based food safety and security, facility hygiene and product protection company.

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