CORRECTED-Sealed Air US$475m loan challenges bank appetite [Reuters]
Sealed Air Corporation (SEE)
Last sealed air corporation earnings: 2/11 07:00 am
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Source: Reuters
CORRECTED-Sealed Air US$475m loan challenges bank appetite - Reuters 5 Min Read (Corrects headline to clarify new loan) By Michelle Sierra NEW YORK, June 25 (LPC) - Packaging company Sealed Air is wrapping up a US$475m term loan A (TLA) that has challenged banks’ return models and pushed the limits on their appetite for funded assets. In a bid to attract demand from banks eager to generate additional income and boost profitability, Ba2/BB+ rated Sealed Air made a play to nab a funded term loan at a lower cost than its existing revolving credit facility. Typically, term loan debt is as costly as a revolving credit line, unlike in the real estate or asset-based lending markets where prices might differ. “They looked to price this tighter than their core revolving credit mainly to bet that there is a subset of banks very hungry for funded paper,” a banker following the transaction said. “They did it as an asset purchase, at a very aggressive price.” The Sealed Air financing that backs th
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News
- SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Sealed Air Corporation - SEEAccesswire
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- SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Sealed Air Corporation - SEEGlobeNewswire
- SEE's AUTOBAG(R) Brand Curbside-Recyclable Paper Mailers Win Design Award [Yahoo! Finance]Yahoo! Finance
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