2012-11-15 22:31:53 -
ELMWOOD PARK, N.J., Thursday, November 15, 2012 - Sealed Air Corporation
("Sealed Air" or the "Company") (NYSE: SEE) today announced the pricing
of its
offering of $425 million aggregate principal amount of 6.50% senior notes due
2020 (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 5.625% Senior Notes due 2013. The Company will
not be offering the senior notes due 2022 as previously announced, and the
Company intends to terminate the cash tender offer to purchase any and all
outstanding $400 million in aggregate principal amount of 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 $416 million. We expect the offerings
to close on November 28, 2012, 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
jurisdiction.
Business
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. On a pro forma basis, Sealed Air generated revenue of
$8.1 billion in 2011, and has approximately 26,300 employees who serve customers
in 175 countries.
Forward-Looking Statements
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. 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.
Contact
Amanda Butler
Executive Director, Investor Relations
201-791-7600
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. 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 the information contained therein.
Source: Sealed Air Corporation via Thomson Reuters ONE
[HUG#1658637]
