{"id":12349,"date":"2026-03-23T09:41:39","date_gmt":"2026-03-23T13:41:39","guid":{"rendered":"https:\/\/www.packagingindustrynews.com\/?p=12349"},"modified":"2026-03-23T09:41:39","modified_gmt":"2026-03-23T13:41:39","slug":"banks-begin-4-7bn-loan-sale-for-sealed-air-buyout-report","status":"publish","type":"post","link":"https:\/\/www.packagingindustrynews.com\/?p=12349","title":{"rendered":"Banks begin $4.7bn loan sale for Sealed Air buyout \u2013 report"},"content":{"rendered":"


\n<\/p>\n

\n
\n
\n \n <\/picture>
This loan package is part of a wider $7.15bn financing plan. Credit: Lee Charlie \/ Shutterstock.com.<\/figcaption><\/figure>\n<\/p><\/div>\n

Banks have begun the sale of nearly $4.7bn in leveraged loans to help fund Clayton Dubilier & Rice\u2019s (CD&R) planned purchase of packaging manufacturer Sealed Air, reported Bloomberg<\/em><\/a>.<\/p>\n

According to sources, JPMorgan Chase is leading the syndication of $4.1bn in dollar loans while BNP Paribas is overseeing the sale of a $600m euro-denominated loan.<\/p>\n

\n
\n
\"\"\/<\/figure>\n

Discover B2B Marketing That Performs <\/h4>\n

\n\t\t\t\t\t\tCombine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.\n\t\t\t\t\t<\/p>\n


\n\t\t\t\t\t\t\tFind out more <\/svg><\/span><\/a><\/p>\n<\/section>\n<\/div>\n

Furthermore, 20 additional banks are also participating in the financing arrangement.<\/p>\n

Preliminary discussions put pricing for the dollar and euro loans at 3.5-3.75 and 3.75-4 percentage points over respective benchmarks.<\/p>\n

Both loans include an original issue discount of 98.5 and soft-call protection for six months at 101, according to the sources.<\/p>\n

The terms provide two step-downs of 25 basis points each if first lien net leverage ratios fall to 4.90\u00d7 and 4.40\u00d7, and another 25 basis point reduction tied to an IPO event.<\/p>\n

Lenders have been invited to a call on 23 March, with commitments due by 31 March.<\/p>\n

This loan package is part of a wider $7.15bn financing plan that also includes $1.35bn in senior secured notes, $600m equivalent in euro-denominated secured notes, and $500m in unsecured notes.<\/p>\n

CD&R announced its agreement to acquire Sealed Air last November<\/a> in a $10.3bn deal. The deal is projected to close by mid-2026.<\/p>\n

Sealed Air reported $44m in net income for the fourth quarter of 2025,<\/a> swinging from a net loss of under $1m during the same period a year earlier.<\/p>\n

For all of 2025, net sales totalled $5.36bn, down less than 1% from 2024.<\/p>\n

Sales in the food division were largely unchanged; protective segment sales declined by 2%. Full-year net income rose to $441m from $270m in the prior year.<\/p>\n

<\/p>\n

<\/p>\n

\n