Sealed Air redeems $150 million 12% senior notes due February 2014

By Melissa Kory

Cleveland, Dec. 1 - Sealed Air Corp. redeemed $150 million of its outstanding $300 million 12% senior notes due Feb. 14, 2014 on Wednesday.

The notes were purchased for $196 million, or 127% of par, including $5 million of accrued interest.

The redemption was funded with available cash.

As a result of the redemption, the company will record a $24 million charge to net earnings in the fourth quarter of 2010.

The redemption should also result in annualized after-tax savings of $11 million from December 2010 through February 2014.

Sealed Air is an Elmwood Park, N.J.-based manufacturer of materials and systems for protective, presentation and fresh food packaging and performance solutions in the industrial, food and consumer markets.

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