Sealed Air Corporation : Sealed Air Announces Pricing of Senior Notes
ELMWOOD PARK, N.J., Thursday, March 7, 2013 - Sealed Air Corporation ("Sealed
Air" or the "Company") (NYSE: SEE) today announced the pricing of its offering
of $425 million aggregate principal amount of 5.25% senior notes due 2023 (the
"Notes"). Sealed Air intends to use the net proceeds from the offering, along
with cash on hand, to repurchase, redeem or satisfy and discharge all of its
outstanding 7.875% Senior Notes of the Company due 2017. Net proceeds from the
sale of the Notes, after underwriting discounts and commissions and the
Company's estimated fees and expenses, is expected to be approximately $417
million. We expect the offering to close on March 21, 2013, subject to
customary closing conditions.
The Notes and related guarantees will be offered only to qualified
institutional buyers under Rule 144A of the Securities Act of 1933, as amended
(the "Securities Act"), and to non-U.S. persons in transactions outside the
United States under Regulation S of the Securities Act. The Notes have not
been registered under the Securities Act, and, unless so registered, may not
be offered or sold in the United States absent registration or an applicable
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and other applicable securities laws.
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of the Notes, in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
Sealed Air is a global leader in food safety and security, facility hygiene
and product protection. With widely recognized and inventive brands such as
Bubble Wrap® brand cushioning, Cryovac^® brand food packaging solutions and
Diversey^TM brand cleaning and hygiene solutions, Sealed Air offers efficient
and sustainable solutions that create business value for customers, enhance
the quality of life for consumers and provide a cleaner and healthier
environment for future generations. Sealed Air generated revenue of
approximately $7.6 billion in 2012, and has approximately 25,000 employees who
serve customers in 175 countries.
Company statements in this press release may be "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995
concerning our business, consolidated financial condition and results of
operations. These statements include comments as to future events that may
affect the Company, which are based upon management's current expectations and
are subject to uncertainties, many of which are outside the Company's control.
Forward-looking statements can be identified by such words as "anticipates,"
"expects," "believes," "plan," "could," "estimate," "will" and similar
expressions. A variety of factors may cause actual results to differ
materially from these expectations, including: economic conditions affecting
packaging utilization; changes in raw material costs; currency translation
effects; and legal proceedings. For more extensive information, see "Risk
Factors" and "Cautionary Notice Regarding Forward-Looking Statements," which
appear in our most recent Annual Report on Form 10-K, as may be revised and
updated from time to time by our Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K, as filed with the Securities and Exchange Commission.
These reports are available on the Securities and Exchange Commission's
website at www.sec.gov or our Investor Relations home page at
http://ir.sealedair.com. Sealed Air does not undertake any obligation to
publicly update any forward-looking statement to reflect events or
circumstances after the date on which any such statement is made or to reflect
the occurrence of unanticipated events.
Assistant Treasurer and Interim Director of Investor Relations
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Sealed Air Corporation via Thomson Reuters ONE
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