Sealed Air Corporation (“Sealed Air” or the “Company”) (NYSE:
SEE) today announced the closing of its previously announced
offering of $600 million aggregate principal amount of 1.573%
senior secured notes due 2026 (the “Notes”). The Notes were sold to
investors at 100.0% of their aggregate principal amount. The Notes
are jointly and severally, and irrevocably and unconditionally,
guaranteed on a senior secured basis by each of Sealed Air's
existing and future wholly owned domestic subsidiaries that
guarantee its senior secured credit facilities, subject to release
under certain circumstances. The Notes and related guarantees are
secured on a first-priority basis by liens on substantially all of
our and our domestic guarantor subsidiaries' personal property
securing obligations we owe to lenders under our senior secured
credit facilities on a pari passu basis, subject to certain
exceptions.
Sealed Air is using the net proceeds from the offering of the
Notes (i) to repurchase its outstanding 4.875% senior notes due
2022 (the “2022 Notes”) tendered pursuant to the tender offer
commenced by the Company on September 15, 2021, (ii) to satisfy and
discharge all of its remaining outstanding 2022 Notes in accordance
with the terms of the indenture governing the 2022 Notes, (iii) to
pay any premiums, fees and expenses in connection therewith and
(iv) for general corporate purposes.
The Notes and related guarantees have been 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 does not constitute an offer to sell or the
solicitation of an offer to buy, nor has there been 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 jurisdiction.
About Sealed Air
Sealed Air (NYSE: SEE) is in business to protect, to solve
critical packaging challenges, and to make our world better than we
found it. Our packaging technology, solutions, and systems create a
safer, more resilient and less wasteful global food supply chain,
enable eCommerce, and protect goods transported worldwide.
Our globally recognized brands include CRYOVAC® brand food
packaging, SEALED AIR® brand protective packaging, AUTOBAG® brand
automated systems, BUBBLE WRAP® brand packaging, and SEE™
Automation solutions.
SEE’s Operating Model, along with industry-leading experts in
materials, engineering, technology, and science are driving our
innovative solution systems to be more sustainable, automated, and
digitally connected.
SEE is leading the packaging industry to create a more
environmentally, socially, and economically sustainable future and
has pledged to design or advance 100% of its packaging materials to
be recyclable or reusable by 2025, and a bolder goal to reach
net-zero carbon emissions in its global operations by 2040. The
company is also committed to a diverse workforce and inclusive
culture through its 2025 Diversity, Equity and Inclusion
pledge.
SEE generated $4.9 billion in sales in 2020 and has
approximately 16,500 employees who serve customers in 117
countries/territories. To learn more, visit sealedair.com.
Website Information
We routinely post important information for investors on our
website, sealedair.com, in the Investors section. We use this
website as a means of disclosing material, non-public information
and for complying with our disclosure obligations under Regulation
FD. Accordingly, investors should monitor the Investors section of
our website, in addition to following our press releases, SEC
filings, public conference calls, presentations and webcasts. The
information contained on, or that may be accessed through, our
website is not incorporated by reference into, and is not a part
of, this document.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 concerning our business, consolidated
financial condition, results of operations or cash flows.
Forward-looking statements are subject to risks and uncertainties,
many of which are outside our control, which could cause actual
results to differ materially from these statements. Therefore, you
should not rely on any of these forward-looking statements.
Forward-looking statements can be identified by such words as
“anticipate,” “believe,” “plan,” “assume,” “could,” “should,”
“estimate,” “expect,” “intend,” “potential,” “seek,” “predict,”
“may,” “will” and similar references to future periods. All
statements other than statements of historical facts included in
this press release regarding our strategies, prospects, financial
condition, operations, costs, plans and objectives are
forward-looking statements. Examples of forward-looking statements
include, among others, statements we make regarding expected future
operating results, expectations regarding the results of
restructuring and other programs, anticipated levels of capital
expenditures and expectations of the effect on our financial
condition of claims, litigation, environmental costs, contingent
liabilities and governmental and regulatory investigations and
proceedings.
The following are important factors that we believe could cause
actual results to differ materially from those in our
forward-looking statements: global economic and political
conditions, currency translation and devaluation effects, changes
in raw material pricing and availability, competitive conditions,
the success of new product offerings, consumer preferences, the
effects of animal and food-related health issues, the effects of
epidemics or pandemics, including the Coronavirus Disease 2019
(COVID-19), changes in energy costs, environmental matters, the
success of our restructuring activities, the success of our merger,
acquisition and equity investment strategies, the success of our
financial growth, profitability, cash generation and manufacturing
strategies and our cost reduction and productivity efforts, changes
in our credit ratings, the tax benefit associated with the
Settlement agreement (as defined in our 2020 Annual Report on Form
10-K), regulatory actions and legal matters and the other
information referenced in the “Risk Factors” section appearing in
our most recent Annual Report on Form 10-K, as filed with the
Securities and Exchange Commission, and as revised and updated by
our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Any forward-looking statement made by us is based only on
information currently available to us and speaks only as of the
date on which it is made. We undertake no obligation to publicly
update any forward-looking statement, whether written or oral, that
may be made from time to time, whether because of new information,
future developments or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210929005749/en/
Investor Relations Lori Chaitman
lori.chaitman@sealedair.com 516.458.4455
Media Christina Griffin Christina.griffin@sealedair.com
704.430.5742
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