By Paul A. Harris
Portland, Ore., Nov. 12 – Sealed Air Corp. priced a $425 million issue of eight-year senior bullet notes (Ba3/BB+) at par to yield 4% in a quick-to-market Tuesday trade, according to market sources.
The yield printed at the tight end of the 4% to 4¼% yield talk and tighter than initial talk in the 4¼% area.
Bookrunners were J.P. Morgan Securities LLC, BofA Securities Inc., Mizuho Securities USA Inc. and Wells Fargo Securities LLC.
The Charlotte, N.C.-based packaging solutions supplier plans to use the proceeds, along with cash on hand, to repurchase its 6½% senior notes due 2020 and for general corporate purposes.
| Issuer: | Sealed Air Corp.
|
| Amount: | $425 million
|
| Maturity: | Dec. 1, 2027
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Securities Inc., Mizuho Securities USA Inc. and Wells Fargo Securities LLC
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Spread: | 214 bps
|
| Call protection: | Non-callable
|
| Trade date: | Nov. 12
|
| Settlement date: | Nov. 26
|
| Ratings: | Moody's: Ba3
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4% to 4¼%
|
| Marketing: | Quick to market
|
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