Related Parents
by Stephen Carter
Mar 20, 2026 2:39 PM ET
Moody's/S&P rate Sword Purchaser LLC (Sealed Air Corp) (SEE) US$2.45bn equivalent (US$/EUR) notes 3-part.
- US$1.35bn sr sec notes due 2033 (7y). B1/B+ (stable/stable).
- EUR (US$600m equivalent) sr sec notes due 2033 (7y). B1/B+ (stable/stable).
- US$500m sr notes due 2034 (8y). B3/B (stable/stable).
March/April biz (term loan lender call at 2:30pm UKT/10:30 NYT 03/23. Commitment deadline EUR 5pm UKT 03/31, US$ 5pm NYT 03/31). UOP: along with US$4.1bn and EUR (US$600m equivalent) sr sec term loan B via JPM left on US$/BNP left on EUR/BofA/GS/UBS/WFS/Citi/Miz/RBC/CA/DB/HSBC/Jefferies/Natixix/ Rabo/SBMC/TD/TSI/CIBC/Citizens/Santander/USB jt books, to fund the LBO of Sealed Air by CD&R for $42.15 per share or $10.3bn total enterprise value. SEE also expects to redeem its US$425m 4.00% sr notes due 12/01/27 (MWC T+50bp), US$775m 6.125% s notes due 02/01/28 (callable at 101.531), US$425m 5.00% 04/15/29 (callable 04/15/26 at 101.25), US$425m 7.25% sr notes due 02/15/31 (MWC T+50bp), and US$400m 6.50% sr notes due 07/15/32 (MWC T+50bp). The US$450m 6.875% sr notes due 07/15/33 will remain outstanding and become secured following consummation of the transaction. Sponsor equity: $3.137bn. JPM/BofA/BNP/GS/UBS/WFS, and Citi, Mizuho, RBC have committed to provide $7.9bn in debt financing. Closing is expected in mid 2026. Biz: plastic packaging (bubble wrap). HQ: Charlotte, NC. (Acquitision announced 11/17/2025).