Shearman And Sterling

News January 31, 2023

Shearman & Sterling Advises On $775 Million Notes Offering & $650 Million Incremental Term Loan For Sealed Air’s Acquisiton Of Liqui-Box

Shearman & Sterling represented Goldman Sachs & Co. LLC, BofA Securities, J.P. Morgan, Mizuho, BNP Paribas, Credit Agricole CIB, Rabo Securities, BBVA and Truist Securities, as joint book-running managers, in connection with an offering by Sealed Air Corporation and Sealed Air Corporation (US), as co-issuers, of $775 million aggregate principal amount of their 6.125% senior notes due 2028. A portion of the net proceeds from the notes offering was used to finance Sealed Air’s previously announced acquisition of Liqui-Box and to repurchase any and all of its outstanding 4.500% senior notes due 2023 pursuant to a concurrent tender offer.

Shearman & Sterling also represented Bank of America, as Administrative Agent, on an $650 million incremental amendment to Sealed Air Corporation’s existing term loan facility, providing additional financing for the acquisition.

Sealed Air is a leading global provider of packaging solutions integrating high-performance materials, automation, equipment and services.

The Shearman & Sterling team below was supported by associates Gil Shauly, Sydney Phipps, Harveen Dhaliwal, Aylmer Wang and Mackenzie Wigal.

The Team