June 15, 2009 (FinancialWire) — Sealed Air Corp. (NYSE: SEE) has priced $400 million of 7.875% senior unsecured notes due June 15, 2017. The company had previously proposed an offering of $250 million, but increased the size to $400 million due, it said, to market demand.

The company said it expects to see net proceeds of around $385.8 million. The offering is scheduled to close on June 18.

Sealed Air plans to use the net proceeds from this offering for general corporate purposes, which may include the repurchase, retirement or redemption of a portion of the company’s 3% convertible senior notes due 2033.

Elmwood Park, New Jersey-based Sealed Air manufactures of a range of packaging and performance-based materials and equipment systems that serve various food, industrial, medical, and consumer applications.

The company’s brands include Bubble Wrap cushioning, Jiffy protective mailers, Instapak foam-in-place systems and Cryovac packaging technology.

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