Sealed Air Announces Completion of Tender Offer for 8.375% Senior Notes Due 2021 & Notice of Redemption of All Remaining Outs...
June 16 2015 - 6:00PM
Business Wire
Sealed Air Corporation (“Sealed Air” or the “Company”)
(NYSE:SEE) today announced that its previously announced offer to
purchase its outstanding 8.375% Senior Notes due 2021 (the “2021
Notes”) expired at 5:00 p.m., New York City time, on June 12, 2015
(the “Expiration Time”).
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been validly tendered and not withdrawn.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.
Business
Sealed Air creates a world that feels, tastes and works better.
In 2014, the Company generated revenue of approximately $7.8
billion by helping our customers achieve their sustainability goals
in the face of today’s biggest social and environmental challenges.
Our portfolio of widely recognized brands, including Cryovac® brand
food packaging solutions, Bubble Wrap® brand cushioning and
Diversey® cleaning and hygiene solutions, enables a safer and less
wasteful food supply chain, protects valuable goods shipped around
the world and improves health through clean environments. Sealed
Air has approximately 24,000 employees who serve customers in 175
countries. To learn more, visit www.sealedair.com. Information on
Sealed Air’s website is not incorporated into, and does not form a
part of, this press release.
Website Information
We routinely post important information for investors on our
website, www.sealedair.com, in the “Investor Relations” 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 Investor
Relations 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 and results of operations. 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 “anticipates,” “believes,”
“plan,” “assumes,” “could,” “should,” “estimates,” “expects,”
“intends,” “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: the cash tax benefits associated with the Settlement
agreement (as defined in our 2014 Annual Report on Form 10-K),
global economic and political conditions, changes in our credit
ratings, changes in raw material pricing and availability, changes
in energy costs, competitive conditions, success of our
restructuring activities, currency translation and devaluation
effects, the success of our financial growth, profitability, cash
generation and manufacturing strategies and our cost reduction and
productivity efforts, the effects of animal and food-related health
issues, pandemics, consumer preferences, environmental matters,
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 as a result of new information,
future developments or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20150616006741/en/
Sealed Air CorporationInvestor:Lori Chaitman,
201-703-4161orMedia:Ken Aurichio, 201-703-4164
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