2009-11-20 00:58:03 -
Sealed Air Corporation (NYSE:SEE) announced today that it has completed a new 150 million euro senior unsecured European revolving credit facility due July 2012. The Company expects this facility to replace its 170 million Australian dollar revolving credit facility (“ANZ facility”) due March 2010. The new facility is available for general corporate purposes and contains other terms and conditions that are substantially the same as those contained in its existing senior unsecured revolving credit facility. The Company did not draw funds under the new European facility at closing. Excluding the ANZ facility, the Company now has approximately $775 million of funds available from a combination of committed lines of credit and its accounts receivable securitization program.
Business
Sealed Air is a
leading global innovator and manufacturer of a wide range of packaging and performance-based materials and equipment systems that serve an array of food, industrial, medical, and consumer applications. Operating in 52 countries, Sealed Air’s international reach generated revenue of $4.8 billion in 2008. With widely recognized brands such as Bubble Wrap® brand cushioning, Jiffy® protective mailers, Instapak® foam-in-place systems and Cryovac® packaging technology, Sealed Air continues to identify new trends, foster new markets, and deliver innovative solutions to its customers. For more information about Sealed Air, please visit the Company’s web site at www.sealedair.com :
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Forward-Looking Statements
Company statements in this press release may be forward-looking. 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 “estimates,” “expects,” “intends,” “may,” “plans,” “should,” “will” and similar expressions. Important factors that the Company believes could cause actual results to differ materially from those in the Company’s forward-looking statements include: general economic conditions, particularly as they affect packaging utilization; changes in raw material and energy costs; foreign exchange rates; and legal proceedings. A more extensive list and description of these and other such factors can be found under the headings “Risk Factors” and “Cautionary Notice Regarding Forward-Looking Statements,” which appear in the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission.
Sealed Air CorporationAmanda Butler, 201-791-7600
