Sealed Air Completes $400M Notes Offering

NEW YORK (AP) — Sealed Air Corp. said Thursday it has completed an offering of $400 million in senior unsecured notes due 2017.

The Elmwood Park, N.J., company, which makes bubble wrap among other products, plans to use proceeds from the offering for general corporate purposes, such as the retirement, redemption or repurchase of some of its convertible senior notes due 2033.

Sealed Air has previously said it expected proceeds of about $385.8 million from the offering, which will have a coupon rate of 7.875 percent.

Shares of Sealed Air rose 83 cents, or 4.8 percent, to close at $18.