Commentary & Deal Flow

Sword Purchaser LLC (Sealed Air Corp) (SEE) US$2.955bn (up from US$2.45bn) equivalent (US$/EUR) 144A/Reg S notes 3-part. Via UBS (B&D) US$ sr sec/GS (B&D) EUR sr sec/BofA (B&D) US$ sr unsec/BNP/Citi/CA/Jefferies/SBMC/CIBC/USB/JPM/Mizuho/ DB/Natixis/TD/Citizens/WFS/RBC/HSBC/Rabo/TSI/Sanatander jt books. No reg rights. Settles 04/09 (US T+4, EUR T+3).

    - US$1.85bn (up from US$1.35bn) sr sec notes due 04/15/33 (7y).NC3 (04/15/29) (MWC T+50bp), then at 104.125 04/15/29, 102.063 04/15/30, 100 04/15/30. Equity claw: 3y 40% at 108.25. Special call: 10% per year the 1st 3 years at 103.  B1/B+ (stable/stable). CoC at 101. Pays April 15 and Oct 15, starting 10/15/26. Denoms: 2kx1k. 144A CUSIP: 87110CAB3; 144A ISIN: US87110CAB37. IPT: high 7s. Revised IPT: 8.25%-8.50%. Price talk: 8.50% area. Launched: US$1.85bn 8.25% to yield 8.50%. Priced: 8.25% at 98.696, yield 8.50%. +438bp vs 4.25% 03/31/33.

    - EUR525m (approx US$605m equivalent) sr sec notes due 04/15/33 (7y). NC3 (04/15/29) (MWC B+50bp), then at 103.625 04/15/29, 101.813 04/15/30, 100 04/15/31. Equity claw: 3y 40% at 107.25. Special call: 10% per year the 1st 3 years at 103. B1/B+ (stable/stable). List ISE. CoC at 101. Denoms: 100kx1k. 144A Common Code: 333831848; 144A ISIN: XS3338318481. IPT: high 6s. Revised: IPT: 7.25%-7.50%. Price talk: 7.50% area. Launched: EUR (US$600m equivalent) 7.25% to yield 7.50%. Priced: 7.25% at 98.653, yield 7.50%. +468bp vs DBR 2.30% 02/15/33.

    - US$500m sr notes due 04/15/34 (8y). NC3 (04/15/29) (MWC T+50bp), then at 105.25 04/15/29, 102.625 04/15/30, 100 04/15/31. Equity claw: 3y 40% at 110.25. B3/B (stable/stable). CoC at 101. Denoms: 2kx1k. 144A CUSIP: 87110CAA5; 144A ISIN: US87110CAA53. IPT: high 9s. Revised IPT: 10.25%-10.50%. Price talk: 10.50% area. Launched: US$500m 10.50% at 100. Priced: 10.50% at 100. +630bp vs 4.375% 05/15/34.

US$500m sr sec tranche upsize switched from the gloval sr sec term loan B (final US$/EUR TLB breakdown is TBD). Did investor call at 11am NYT / 3pm UKT 03/26. Books closed EUR at 4pm UKT (from 10am UKT) 04/02; US$ sr sec at 11am NYT 04/02 (from 5pm NYT 04/01); US$ sr unsec books closed 5pm NYT 04/01. (Originallly pricing 04/01). (Term loan lender call at 2:30pm UKT/10:30 NYT 03/23. Term loan commitment deadline EUR10am UKT 04/01 (from 5pm UKT 03/31), US$ 5pm NYT 04/01 (from 5pm NYT 03/31)).  UOP: along with US$4.2bn (down from US$4.7bn) equivalent sr sec term loan B (final US$/EUR tranche TLB sizes TBD; original tranche sizes were US$4.1bn and EUR (US$600m equivalent) via JPM left on US$/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 ($6.267bn total equity value) 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).

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