10:34 AM EDT, 06/17/2024 (MT Newswires) -- Sealed Air ( SEE ) said Monday it plans to offer senior notes maturing in 2032 and to use the net proceeds to repurchase all of its outstanding 5.50% senior notes due September 2025.

Investors held about $399.1 of the 5.50% senior notes at the end of 2023, with Sealed Air ( SEE ) paying about $22.1 million in annual interest expense, according to the company's most recent annual report.

The tender offer is conditioned on the packaging company completing its offering of new eight-year notes, among other things, although closing on the offering of the new notes is not conditioned on the launch of the tender offer. Sealed Air ( SEE ) said if fewer than all of its 2025 notes are tendered by investors, it will redeem the remaining notes under terms of their indenture.

Sealed Air ( SEE ) shares were nearly 2% lower in mid-morning trading on Monday.

Price: 35.90, Change: -0.71, Percent Change: -1.95