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Stock impact report

Banks begin $4.7bn loan sale for Sealed Air buyout – report [Yahoo! Finance]

Sealed Air Corporation (SEE) 
Last sealed air corporation earnings: 2/11 07:00 am Check Earnings Report
US:NYSE Investor Relations: ir.sealedair.com
Company Research Source: Yahoo! Finance
According to sources, JPMorgan Chase is leading the syndication of $4.1bn in dollar loans while BNP Paribas is overseeing the sale of a $600m euro-denominated loan. Furthermore, 20 additional banks are also participating in the financing arrangement. Preliminary discussions put pricing for the dollar and euro loans at 3.5-3.75 and 3.75-4 percentage points over respective benchmarks. Both loans include an original issue discount of 98.5 and soft-call protection for six months at 101, according to the sources. The terms provide two step-downs of 25 basis points each if first lien net leverage ratios fall to 4.90× and 4.40×, and another 25 basis point reduction tied to an IPO event. Lenders have been invited to a call on 23 March, with commitments due by 31 March. This loan package is part of a wider $7.15bn financing plan that also includes $1.35bn in senior secured notes, $600m equivalent in euro-denominated secured notes, and $500m in unsecured notes. CD&R announced its Show less Read more
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