Sealed Air ups U.S. loan to $609.5 million, cuts euro to €150 million

By Sara Rosenberg

New York, Nov. 14 - Sealed Air Corp. upsized its U.S. term loan B to $609.5 million from $575 million and downsized its euro term loan B to €150 million from €175 million, according to a market source.

Pricing on the U.S. debt is Libor plus 300 basis points and pricing on the euro debt is Euribor plus 350 bps. Both have a 1% Libor floor, an original issue discount of 99¾ and 101 soft call protection for one year.

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

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.

Additionally, the company sought an amendment to its existing credit facility to relax the leverage covenant. The amendment has been approved.

Lenders were offered a 12.5 bps amendment fee.

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

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