Sealed Air Announces Tender Offer Results

Sealed Air Corporation (NYSE: SEE) has announced the total consideration for its offer to purchase its 5.500% senior notes due 2025. The total consideration for each $1,000 principal amount of the notes validly tendered and not validly withdrawn and accepted for purchase is $998.77. This total consideration was determined based on a fixed spread of 50 basis points plus the yield to maturity of 5.133% based on the bid-side price of the reference security (2.875% due June 15, 2025) as quoted on the Bloomberg Bond Trader PX3 page as of 2:00 p.m., New York City time, today.

In addition to the total consideration, Sealed Air Corporation will also pay accrued and unpaid interest on notes purchased up to, but not including, June 28, 2024, which is the expected settlement date of the tender offer.

The tender offer will expire today at 5:00 p.m., New York City time, unless extended or earlier terminated by SEE. The company has retained J.P. Morgan Securities LLC to act as the exclusive dealer manager, and Global Bondholder Services Corporation has been retained to serve as both the depositary and the information agent for the tender offer.

Sealed Air Corporation is a leading global provider of packaging solutions with globally recognized solution brands including Cryovac® brand food packaging, Liquibox® brand liquids systems, Sealed Air® brand protective packaging, Autobag® brand automated packaging systems, and Bubble Wrap® brand packaging. In 2023, SEE generated $5.5 billion in sales and has approximately 17,000 employees who serve customers in 115 countries/territories.

Investors are advised to monitor the investor section of Sealed Air Corporation's website for important information as the company routinely posts such information there. Today the company's shares have moved -1.1% to a price of $34.79. Check out the company's full 8-K submission here.

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