Sealed Air Cp Stock Price, News & Analysis

Sealed Air (SEE) announced the total consideration for its previously announced cash tender offer for any and all of its 5.500% Senior Notes due 2025. Each $1,000 principal amount of the Notes validly tendered and not withdrawn will be purchased for $998.77. The offer was determined by a fixed spread of 50 basis points plus a yield to maturity of 5.133%, based on the bid-side price of 2.875% due June 15, 2025. Additionally, accrued interest until June 28, 2024, the expected settlement date, will be paid. The offer expires on June 24, 2024, at 5:00 p.m. New York City time. J.P. Morgan Securities is acting as the exclusive Dealer Manager, and Global Bondholder Services is serving as the Depositary and Information Agent.

Sealed Air (SEE) announced the pricing of its 6.500% senior notes due 2032. The notes are guaranteed by SEE's existing and future wholly owned domestic subsidiaries. The net proceeds of approximately $396 million will be used to repurchase SEE's outstanding 5.500% senior notes due 2025 and for general corporate purposes. The offering is expected to close on June 28, 2024, subject to customary conditions. The new notes will be offered to qualified buyers under Rule 144A and to non-U.S. persons under Regulation S.

Sealed Air (SEE) announced an offering of senior notes due 2032. The notes, backed by SEE's subsidiaries, aim to repurchase outstanding 5.500% senior notes due 2025 and cover related expenses. Remaining proceeds will be used for general corporate purposes. The tender offer for 2025 Notes is contingent on the completion of the new notes offering, but the latter's closing isn't dependent on the tender offer. The notes will be offered only to qualified institutional buyers and non-U.S. persons under specific regulations. This press release isn't a sales offer or a tender offer for the 2025 Notes.

Sealed Air (SEE) has announced a cash tender offer for its 5.500% Senior Notes due 2025. The offer targets any and all outstanding notes of this issue. The principal amount outstanding is $400 million. The offer will expire on June 24, 2024, at 5:00 p.m. (NYC time). Notes tendered may be withdrawn before the expiration date. The total consideration for each $1,000 principal amount will be determined by adding a fixed spread of 50 basis points to the yield to maturity based on the bid-side price of the reference security. In addition to the total consideration, accrued and unpaid interest up to, but not including, the settlement date (expected June 28, 2024) will be paid. The offer is subject to SEE's completion of a new debt securities offering. J.P. Morgan Securities is the exclusive Dealer Manager for the tender offer.

SEE (NYSE: SEE) has announced the appointment of Patrick Kivits as its new CEO, effective July 1, 2024. The decision follows an extensive search process. Kivits, who will also join the Board of Directors, brings a strong background from WestRock and extensive experience in the packaging industry.

Emile Chammas will continue as Chief Operating Officer, while Dustin Semach is promoted to President and Chief Financial Officer. SEE's Board Chairman, Henry Keizer, expressed confidence in Kivits' ability to drive growth and transformation at SEE.

Kivits expressed enthusiasm about joining SEE and collaborating with Chammas and Semach to further the company’s transformational journey. His previous roles at WestRock and H.B. Fuller highlight his capabilities in operational and commercial transformations in the packaging sector.

SEE is advancing circular business models to address plastic waste.

Dr. Timi Fadiran leads efforts to identify and implement new recycling technologies for flexible packaging.

SEE's collaboration with advanced recycling technology providers is important to its strategy.

SEE's initiatives include establishing testing capabilities for product recyclability and exploring advanced recycling methods like chemical and molecular recycling.

SEE's partnerships, including those with ExxonMobil and Ahold Delhaize USA, showcase the feasibility of advanced recycling solutions.

SEE is investing in companies like Plastic Energy and collaborating with the REMADE Institute to promote circularity.

These efforts aim to reduce plastic waste, decrease reliance on natural resources, and create a sustainable competitive advantage.

Cole's Victory Lap, an initiative inspired by Erin Henderson and her son Cole, aims to support families dealing with childhood neuroblastoma. The project provides comfort through activities like offering nutritious snacks and transforming hospital rooms with themed bedsheets. In collaboration with Prisma Health Greenville Memorial Hospital, the initiative is part of the 'Inspire Courage Campaign,' which seeks to fund a permanent pediatric hematology/oncology center. The campaign has already received a $1 million lead gift from Hogs for a Cause, helping kickstart its $6 million goal.

SEE has introduced groundbreaking solutions in packaging to reduce waste and improve efficiency. The Automated Tire Wrap Solution decreases plastic use by 65%, labor by 60%, and enhances fulfillment speed by up to 7 times. BUBBLE WRAP® brand cushioning now contains up to 90% recycled content, promoting sustainability. Fortem® biopharmaceutical film, engineered for bioprocessing, maintains integrity under stress and is produced in cleanroom conditions. CRYOVAC® brand Darfresh® mono-PET rollstock, used by JBS Foods Australia, reduces plastic waste by 5,000 kg annually and extends product shelf life to 18 days, winning awards for its innovation.

SEE (NYSE: SEE) has announced a quarterly cash dividend of $0.20 per common share.

This dividend is payable on June 28, 2024, to stockholders recorded as of June 14, 2024.