The Firm recently represented Sealed Air Corporation (“Sealed Air”) in its offering of $400 million aggregate principal amount of 5.5% Senior Notes due 2025 and €400 million aggregate principal amount of 4.5% Senior Notes due 2023. Sealed Air is using the net proceeds from the offerings to repurchase all of its outstanding 8.375% Senior Notes due 2021, including pursuant to a tender offer conducted in accordance with the new five business day protocols, to pay related premiums, fees and expenses, and for general corporate purposes. The notes are guaranteed by certain of Sealed Air’s wholly owned domestic subsidiaries. The offerings were conducted in reliance on Rule 144A and Regulation S.
Sealed Air is a global leader in food safety and security, facility hygiene and product protection. Sealed Air serves an array of end markets including food and beverage processing, food service, retail, health care and industrial, and commercial and consumer applications. Sealed Air has widely recognized and inventive brands such as Bubble Wrap® brand cushioning, Cryovac® brand food packaging solutions and Diversey® brand cleaning and hygiene solutions. Its focus is on achieving quality sales growth through leveraging its geographic footprint, technological know-how and leading market positions to bring measurable, sustainable value to its customers, employees and investors. Sealed Air generated revenue of approximately $7.8 billion in 2014, and has approximately 24,000 employees who serve customers in 175 countries.
The Simpson Thacher team for the transaction included Risë Norman, Kim de Glossop, Joongwon Park, Alejandro Milá Valle and Erica Lee (Capital Markets); Michael Badain (Tax); Jeanne Annarumma, Alina Grinman and Brittany McCants (Executive Compensation and Employee Benefits); Adeeb Fadil and Noreen Lavan (Environmental); and Christopher James (Intellectual Property). Summer associate Jennifer Rosen also provided valuable assistance.