The new high-yield notes are due 2031

Davis Polk advised the initial purchasers in a Rule 144A / Regulation S offering by Sealed Air Corporation and Sealed Air Corporation (US) of $425 million aggregate principal amount of its 7.250% senior notes due 2031.

Davis Polk also advised the dealer manager in connection with Sealed Air Corporation’s concurrent cash tender offer for any and all of its 5.125% senior notes due 2024, which was funded from the net proceeds of the offering.

Sealed Air (known by its NYSE ticker symbol SEE) is in the business to protect and to solve critical packaging challenges. SEE’s globally recognized solution brands include CRYOVAC food packaging, LIQUIBOX fluids and liquids systems, SEALED AIR protective packaging, AUTOBAG automated packaging systems, BUBBLE WRAP packaging, SEE Automation and prismiq digital packaging and printing. SEE’s automated packaging solutions promote a safer, more resilient, and less wasteful global food, fluids and liquids supply chain, enable e-commerce and protect goods in transit from damage. 

The Davis Polk capital markets team included partner Michael Kaplan and associates Arisa Akashi Sin and Jenny Li. Partner Mario J. Verdolini and associate Alanna Phillips provided tax advice. The intellectual property team included partner Frank J. Azzopardi and associate Adrian Rabin. Counsel Loyti Cheng and associate Timothy J. Sullivan provided environmental advice. All members of the Davis Polk team are based in the New York office.