“They seemed to be at this price so tighter than their main revolving credit especially to bet that there is a subset of very hungry banks of financed securities,” said one banker after the transaction. “They did it as an asset purchase at a very aggressive price.” Investor Relations Lori Chaitman email@example.com 516.458.4455 Media Pam Davis firstname.lastname@example.org 980.833.4084 The appetite of European banks varies according to the cost of capital which, until recently, was high due to the perceived risk of loans to European institutions, as evidenced by the price of their credit defaults (CDS). CHARLOTTE, N.C.– (BUSINESS WIRE)-Sealed Air Corporation (“Sealed Air” or “THE Company”) (NYSE: SEE) announced today that it has launched an offer of priority unsecured bonds by 2027 (the “notes”). The bonds are guaranteed jointly and irrevocably and unconditionally, on a priority unsecured basis, by each of Sealed Air`s existing and future national subsidiaries, which guarantee their priority secured credit facilities, provided they can be released in certain circumstances. Sealed Air intends to: the net proceeds of the bond offer, as well as the available liquidity, the 6.50% of priority bonds (the “2020s”) due by 2020, in accordance with the offer launched today by the company, buy back all unpaid bonds in 2020 and relieve and relieve them and pay bonuses, commissions and charges for general purposes. In order to attract demand from banks seeking additional revenue and increase profitability, Ba2/BB-Sealed Air obtained a long-term capitalized loan at a lower cost than its existing revolving credit facility. In general, long-term credit debt is as expensive as a revolving line of credit, unlike asset-based real estate or credit markets, where prices may vary. The company proposed the new TLA of $475 million for $112.5 billion over the Libor for a three-year tenor, which is within the pricing and duration of the existing US$1 billion revolving loan and its $223 million term loans. The following important factors, which we believe could have the effect of materially deferring the actual results of our forward-looking statements: global economic and political conditions, currency conversion and devaluation effects, changes in commodity prices and availability, competitive conditions, the success of new product offerings, consumer preferences, the effects of animal and food health problems, pandemics, changes in energy costs, environmental issues, the success of our restructuring activities, the success of our growth, profitability, cash and production strategies, and our cost reduction and productivity efforts, changes to our credit ratings, the tax benefit associated with the settlement agreement (as expired in our management report on Form 10-K for December 31, 2018 (our “2018 10-K”) , regulatory measures and legal affairs, as well as other information covered in Part I, point 1A, “risk factors,” our 2018 10-K, as submitted to the SEC, and in the revised and updated version of our quarterly reports on Form 10-Q for the years ended March 31, 2019, June 30, 2019 and September 30, 2019 and the current reports on Form 8-K.
Any forward-looking statements on our part are based solely on the information we currently have and speak only at the time of receipt. We undertake no obligation to publicly update forward-looking statements, whether written or oral, from time to time, whether on the basis of new information, future developments or otherwise.