Sealed Air investors tender 40% of 6.95% notes due 2009

By Susanna Moon

Chicago, Dec. 29 - Sealed Air Corp. holders tendered $90.59 million principal amount, or 40%, of the company's 6.95% senior notes due 2009 in its cash tender offer.

The purchase price was par plus accrued interest to the settlement date.

The offer expired at 5 p.m. ET on Dec. 24.

There was no minimum tender amount. Following the tender offer, there is $136.679 million principal amount of the notes outstanding.

Funding will come from the company's accounts receivable securitization program and available cash.

Citi is the dealer manager (800 558-3745), and Global Bondholder Services Corp. is the information agent (212 430-3774 or 866 540-1500).

Based in Elmwood Park, N.J., Sealed Air is a manufacturer of packaging, materials and equipment systems for food, industrial, medical and consumer applications.

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