Shearman And Sterling

News March 25, 2022

Sealed Air $1.5 Billion Amended & Restated Financing

Shearman & Sterling advised Bank of America, N.A., as agent, on an amendment and restatement of a $1.5 billion senior secured credit financing for Sealed Air Corporation consisting of a $475 million senior secured term A loan facility denominated in U.S. dollars, an approximate £27.2 million senior secured term A loan facility denominated in pounds sterling, a $900 million multicurrency revolving credit facility denominated in U.S. dollars, Australian dollars, Canadian dollars, euros and pounds sterling, and a $100 million multicurrency revolving credit facility available in U.S. dollars, New Zealand dollars, Mexican pesos and Japanese yen. The purpose of the financing was to refinance Sealed Air Corporation’s and certain of its subsidiaries’ obligations under its existing credit agreement, and finance working capital and general corporate purposes.

Sealed Air Corporation provides food safety and security, and product protection solutions and equipment in North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. It operates through two segments, Food and Protective. The Food segment offers integrated packaging materials and automation equipment solutions to provide food safety and shelf life extension, reduce food waste, automate processes, and optimize total cost for food processors in the fresh red meat, smoked and processed meats, poultry, seafood, plant-based, and dairy markets. This segment sells its solutions directly to customers through its sales, marketing, and customer service personnel. The Protective segment provides foam, inflatable, suspension and retention, temperature assurance packaging solutions to protect goods to e-commerce, consumer goods, pharmaceutical and medical devices, and industrial manufacturing markets.

The Shearman & Sterling team below included associates Camille Masse-Pfister and Andrew Mavers (both New York-Finance).

The Team