Sealed Air starts roadshow for $850 million equivalent bullet notes in two tranches

By Paul A. Harris

Portland, Ore., June 8 – Sealed Air Corp. began marketing an $850 million equivalent amount of senior notes (expected ratings B1/BB) on Monday, according to a syndicate source.

The deal includes dollar-denominated notes due September 2025. Joint global coordinator Morgan Stanley & Co. LLC will bill and deliver. BNP Paribas is also a joint global coordinator. BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC are the passive bookrunners.

In addition Sealed Air plans to sell euro-denominated notes due September 2023. Joint global coordinator BNP Paribas will bill and deliver for the euro-denominated notes. Morgan Stanley is also a joint global coordinator. BofA Merrill Lynch, Credit Agricole CIB, Goldman Sachs and JPMorgan are the passive bookrunners.

The Rule 144A and Regulation S for life deal was set to kick off with a global investor conference call on Monday, followed by roadshow stops in London on Tuesday and in Paris on Wednesday.

The notes feature a par call three months prior to maturity but are otherwise non-callable.

The Elmwood Park, N.J.-based packaging manufacturer plans to use the proceeds to fully refinance its 2021 senior notes.

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