DOW JONES NEWSWIRES
Sealed Air Corp. (SEE) said it will sell $250 million in senior unsecured notes through a private placement, joining a host of other companies offering debt in recent weeks.
The maker of bubble wrap and plastic packaging has seen results pressured in the past several years by the increased cost of resin, a key product ingredient. As developed economies continue to suffer in the global economic slowdown, demand for protective packaging has slowed.
Sealed Air will use the proceeds from the eight-year note offering for general corporate purposes, possibly including the repurchase, retirement or redemption of some of its 3% convertible senior notes due in 2033.
Late last year, the company had to reach agreement with its lenders to ease terms on its debt, giving it more leeway to navigate the recession.
Sealed Air's shares closed Wednesday at $19.19 and haven't traded premarket.
-By Kerry E. Grace, Dow Jones Newswires; 201-938-5089; kerry.grace@dowjones.com