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Sealed Air begins cash tender offer for $400 million 7 7/8% notes
By Marisa Wong
Madison, Wis., March 7 - Sealed Air Corp. said it began a cash tender offer to purchase any and all of its outstanding $400 million 7 7/8% senior notes due 2017.
The company is also soliciting consents to eliminate some of the restrictive covenants in the indenture governing the 7 7/8% notes.
The total consideration for each $1,000 principal amount of notes purchased under the offer will be $1,056.25. The total consideration includes a $30.00 consent payment for holders who tender by 5 p.m. ET on March 20, the consent payment deadline.
Holders who tender after the consent payment deadline will only receive the tender offer consideration of $1,026.25 per $1,000 of notes.
Holders will also receive accrued interest to but excluding the applicable payment date.
The company said it expects the payment date for early tendered notes to occur on March 21.
The tender offer will expire at 11:59 p.m. ET on April 3.
Tenders may be withdrawn and consents revoked at any time at or before 5 p.m. ET on March 20 but not after.
The tender offer is conditioned on the company receiving consents from holders of a majority in principal amount of the outstanding notes.
The offer is also subject to a financing condition. The company expects to raise $400 million from an offering of new senior notes.
BofA Merrill Lynch (888 292-0070 or 980 387-3907) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 387-1500 or 212 430-3774) is the information agent.
The Elmwood Park, N.J.-based company previously launched a tender offer for the 7 7/8% notes alongside an offer for its 5 5/8% senior notes due 2013 on Nov. 13. The prior offer for the 7 7/8% notes was terminated on Nov. 16.
Sealed Air is a food safety and security, facility hygiene and product protection company.
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