Sealed Air launches $524.5 million, €127.5 million term B repricing

By Sara Rosenberg

New York, Nov. 18 - Sealed Air Corp. held its conference call at 11 a.m. ET on Monday, launching a repricing of its $524.5 million term loan B due Oct. 3, 2018 and €127.5 million term loan B due Oct. 3, 2018, according to a market source.

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

The U.S. term loan B is talked at Libor plus 225 basis points to 250 bps with a 0.75% Libor floor and the euro term loan B is talked at Euribor plus 275 bps to 300 bps with a 0.75% floor, with both offered at par and having 101 soft call protection for six months, the source said.

By comparison, current U.S. term B pricing is Libor plus 300 bps with a 1% Libor floor, and current euro term B pricing is Euribor plus 350 bps with a 1% floor.

Existing lender commitments are due at 5 p.m. ET on Thursday, and new money commitments are due at 5 p.m. ET on Friday, the source added.

Closing and funding is expected to occur on Nov. 27.

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

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