The Firm recently represented Sealed Air Corporation (“Sealed Air”) in its offering of $425 million aggregate principal amount of 6.50% Senior Notes due 2020. Sealed Air is using the net proceeds from the offering, along with cash on hand, to repurchase and redeem all of its outstanding 5.625% Senior Notes due 2013. The notes are guaranteed by certain of Sealed Air’s wholly-owned domestic subsidiaries. The offering was 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. With widely recognized and inventive brands such as Bubble Wrap® brand cushioning, Cryovac® brand food packaging solutions and DiverseyTMbrand cleaning and hygiene solutions, Sealed Air offers efficient and sustainable solutions that create business value for customers, enhance the quality of life for consumers and provide a cleaner and healthier environment for future generations. On a pro forma basis, Sealed Air generated revenue of $8.1 billion in 2011, and has approximately 26,300 employees who serve customers in 175 countries.
The Simpson Thacher team for the transaction included Risë Norman, Vanessa Clark and Tony Rim (Capital Markets), Adam Shapiro (Credit), Rob Holo and Adam Wells (Tax), Adeeb Fadil and Noreen Lavan (Environmental), Jeanne Annarumma (Executive Compensation and Employee Benefits) and Danielle Kantor (IP). Paralegal Brittany Cohan also provided valuable assistance.
