Sealed Air pricing $750 million notes in two tranches on Friday

By Paul A. Harris

Portland, Ore., Nov. 7 – Sealed Air Corp. plans to price $750 million of non-callable senior notes (expected ratings B1/BB) in two tranches on Friday following a late-morning conference call with investors, according to market sources.

The Rule 144A and Regulation S deal is coming in tranches of eight-year notes and 10-year notes.

J.P. Morgan Securities LLC and BofA Merrill Lynch are the lead bookrunners for both tranches.

Joint bookrunners for the eight-year notes are Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC.

Joint bookrunners for the 10-year notes are HSBC Securities (USA) LLC, Morgan Stanley and RBS Securities Inc.

BPN Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole CIB, Goldman Sachs & Co. and Rabo Securities are co-managers for both tranches.

The Elmwood Park, N.J., food safety, facility hygiene and product protection services provider plans to use the proceeds, along with cash on hand, to refinance its 8 1/8% senior notes due 2019 and to pay consent fees in connection with a consent solicitation for its 8 3/8% senior notes due 2021.

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