sealed air corp (SEE) Key Developments
Sealed Air Corporation Declares Quarterly Cash Dividend, Payable on September 18, 2015
Jul 9 15
Sealed Air Corporation announced that its Board of Directors has declared a quarterly cash dividend of $0.13 per common share. The dividend is payable on September 18, 2015 to stockholders of record at the close of business on September 4, 2015.
Sealed Air Corporation Revised Earnings Guidance for the Year 2015; Provides Capital Expenditure Guidance for the Year 2016; Provides Financial Guidance for the Year 2018
Jun 18 15
Sealed Air Corporation revised earnings guidance for the year 2015. The company is maintaining its full year 2015 net sales forecast of approximately $7.1 billion or an organic growth rate of approximately 3%. Adjusted EBITDA is expected to be in the range of $1.14 billion to $1.16 billion and an increase on an organic basis of 14% to 16%. This implies an adjusted EBITDA margin of just over 16%. Recent refinancing will have a positive $0.03 impact on earnings per share in 2015, increasing expected EPS to a range of $2.11 to $2.18. Free cash flow outlook for 2015 is $575 million, which includes $195 million of restructuring activity. Capital expenditures are expected to be $210 million.
Capital expenditures are expected to be $275 million in 2016.
The company expect to generate approximately $775 million of free cash flow in 2018. The company is forecasting adjusted EBITDA to be in the range of $1.4 billion to $1.45 billion in 2018. 2018 estimate assumed an effective tax rate of 26%. Capital expenditures are expected to be in the range of $180 million to $220 million by 2018.
Sealed Air Corporation Announces Closing of 5.500% Senior Unsecured Notes Due 2025 and 4.500% Senior Unsecured Notes Due 2023
Jun 16 15
Sealed Air Corporation announced the closing of its previously announced offering of $400 million aggregate principal amount of 5.500% senior unsecured notes due 2025 and €400 million aggregate principal amount of 4.500% senior unsecured notes due 2023. The Notes were sold to investors at 100.0% of their aggregate principal amount. The company is using the net proceeds from the offering of the Notes to repurchase all of its outstanding 8.375% Senior Notes due 2021 pursuant to the tender offer that the Company launched on June 8, 2015, and to pay related premiums, fees and expenses in connection therewith. The Notes and related guarantees have been offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended, and to non-U.S. persons in transactions outside the United States under Regulation S of the Securities Act.
Sealed Air Announces Completion of Tender Offer for 8.375% Senior Notes Due 2021 and Notice of Redemption of All Remaining Outstanding 8.375% Senior Notes Due 2021
Jun 16 15
Sealed Air Corporation announced that its previously announced offer to purchase its outstanding 8.375% Senior Notes due 2021 expired on June 12, 2015. After the Expiration Time, $602,244,000 principal amount of 2021 Notes, or 80.3% of the aggregate principal amount outstanding, had been validly tendered and not withdrawn. The complete terms and conditions of the tender offer were set forth in an Offer to Purchase that was sent to holders of the 2021 Notes. $147,756,000 in aggregate principal amount of the 2021 Notes were not tendered and remained outstanding following the Expiration Time. On June 16, 2015, the company notified HSBC Bank, National Association, as trustee under the indenture governing the 2021 Notes, that it would satisfy and discharge the indenture governing the 2021 Notes. On June 16, 2015, the company also deposited with the trustee sufficient funds to fund the redemption of the 2021 Notes that were not tendered and remained outstanding following the Expiration Time and to pay accrued and unpaid interest on the redeemed notes to the redemption date, and issued a notice of redemption to the trustee with respect to such notes. The redemption price will be paid on July 16, 2015.
Sealed Air Prices its Offering of $400 Million Aggregate Principal Amount of 5.500% Senior Unsecured Notes Due 2025 and EUR 400 Million Aggregate Principal Amount of 4.500% Senior Unsecured Notes Due 2023
Jun 11 15
Sealed Air announced that it has priced its offering of $400 million aggregate principal amount of 5.500% senior unsecured notes due 2025 and EUR 400 million aggregate principal amount of 4.500% senior unsecured notes due 2023. The company intends to use the net proceeds from the offering of the notes to repurchase, redeem or satisfy and discharge all of its outstanding 8.375% Senior Notes due 2021, including any premiums, fees and expenses in connection therewith. Net proceeds from the sale of the dollar notes and the euro notes, after initial purchasers' discounts and commissions and the company's estimated fees and expenses, are expected to be $395 million and EUR 395 million, respectively. The company expects the offering to close on June 16, 2015, subject to customary closing conditions.