Sealed Air reports receipt of US$1.1B toward five-year Term A facility, US$700M toward five-year Revolving Credit Facility to be primarily used to finance pending acquisition of Diversey Holdings

Kendall Sinclair

ELMWOOD PARK, New Jersey , August 25, 2011 (press release) – Sealed Air Corporation (NYSE:SEE) today provided an update on the syndication of new credit facilities, which will be used primarily to finance its pending acquisition of Diversey Holdings, Inc. and for general corporate purposes.

Citigroup Global Markets Inc. and its affiliates, Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, BNP Paribas, BNP Paribas Securities Corp., The Royal Bank of Scotland plc and RBS Securities Inc. have provided customary commitment letters for such facilities, which contemplated the inclusion of a U.S. dollar-equivalent $750 million senior secured Term Loan A Facility and $1,550 million senior secured Term Loan B Facilities, as well as a $700 million senior secured Revolving Credit Facility.

To date, $1.1 billion in commitments have been received for the five-year Term Loan A Facilities and $700 million in commitments have been received for the five-year Revolving Credit Facility. The syndication of the Term Loan B Facility has not been initiated at this time.

The Company noted that this initial syndication is an important step toward the completion of the general syndication of the credit facilities and the commitments are subject to the finalization and execution of the documentation related to the credit facilities and certain other customary terms and conditions. The closing of all of the credit facilities will take place in conjunction with the completion of the acquisition, which is expected in the fourth quarter of 2011.


Business

For over fifty years, Sealed Air has been a leading global innovator and manufacturer of a wide range of packaging and performance-based materials and equipment systems that now serve an array of food, industrial, medical, and consumer applications. Operating in 52 countries, Sealed Air's international reach generated revenue of approximately $4.5 billion in 2010. 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.

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.