Sealed Air

Lenders are preparing a debt package of roughly $7.15 billion to finance Clayton Dubilier & Rice’s takeover of Sealed Air. JPMorgan is among the banks gauging investor interest in leveraged loans and high-yield bonds. The placement could start as soon as next week, but talks and terms are not final. Market volatility is currently making it harder to sell riskier debt securities to institutional investors. » Więcej na de.investing.com

Sealed Air outlines the expected debt financing for the pending acquisition by CD&R subsidiaries: about $4.3 billion of senior secured USD loans, roughly €600 million of senior secured euro loans, about $1.15 billion of senior secured notes, plus additional euro notes (around $600 million), unsecured notes ($500 million) and a revolving credit facility with commitments of up to about $1.4 billion. Final terms depend on market conditions; proceeds are intended to finance the acquisition and related costs. Sealed Air also plans to repay several outstanding senior notes in accordance with their terms, but expects that senior notes due 2033 with a 6.875% coupon (about $450 million) will remain secured after closing. The company also reported a better-than-expected fourth quarter with adjusted earnings per share of $0.77 and quarterly revenue of $1.4 billion. » Więcej na de.investing.com

Shareholders of Sealed Air voted at an extraordinary general meeting to approve the planned acquisition by a subsidiary of CD&R. The voting results will be disclosed in an SEC Form 8-K. The transaction remains subject to customary closing conditions and regulatory approvals; closing is expected in the coming months, and no financial details were disclosed. » Więcej na de.investing.com