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v3.25.1

Debt and Credit Facilities | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt and Credit Facilities | Debt and Credit Facilities Our total debt outstanding consisted of the amounts set forth in the following table:
(In millions) |  | Interest rate |  | March 31, 2025 |  | December 31, 2024
Short-term borrowings(1) |  |  |  | $ | 137.9 |  |  | $ | 140.5 |
Current portion of long-term debt(2) |  |  |  | 70.8 |  |  | 64.6 |
Total current debt |  |  |  | 208.7 |  |  | 205.1 |
Term Loan A due March 2027 |  |  |  | 680.6 |  |  | 685.2 |
Senior Secured Notes due October 2026 |  | 1.573 | % |  | 598.3 |  |  | 598.1 |
Senior Notes due December 2027 |  | 4.000 | % |  | 423.3 |  |  | 423.1 |
Senior Notes due February 2028 |  | 6.125 | % |  | 767.6 |  |  | 767.0 |
Senior Notes due April 2029 |  | 5.000 | % |  | 422.4 |  |  | 422.3 |
Senior Notes due February 2031 |  | 7.250 | % |  | 421.5 |  |  | 421.3 |
Senior Notes due July 2032 |  | 6.500 | % |  | 396.3 |  |  | 396.2 |
Senior Notes due July 2033 |  | 6.875 | % |  | 447.0 |  |  | 446.9 |
Other(2) |  |  |  | 38.5 |  |  | 38.7 |
Total long-term debt, less current portion(3) |  |  |  | 4,195.5 |  |  | 4,198.8 |
Total debt(4) |  |  |  | $ | 4,404.2 |  |  | $ | 4,403.9 |
(1)Short-term borrowings of $137.9 million at March 31, 2025, were comprised of $82.4 million under our European securitization program, $50.0 million under our U.S. securitization program, and $5.5 million of short-term borrowings from various lines of credit. Short-term borrowings of $140.5 million at December 31, 2024, were comprised of $83.0 million under our European securitization program, $50.0 million under our U.S. securitization program, and $7.5 million of short-term borrowings from various lines of credit. (2)Current portion of long-term debt included finance lease liabilities of $8.0 million and $6.6 million at March 31, 2025 and December 31, 2024, respectively. Other debt includes long-term liabilities associated with our finance leases of $11.6 million and $12.9 million at March 31, 2025 and December 31, 2024, respectively. See Note 4, "Leases," for additional information on finance and operating lease liabilities. (3)Amounts are shown net of unamortized discounts and issuance costs of $29.3 million as of March 31, 2025 and $31.5 million as of December 31, 2024. (4)As of March 31, 2025, our weighted average interest rate on our short-term borrowings outstanding was 4.2% and on our long-term debt outstanding was 5.3%. As of December 31, 2024, our weighted average interest rate on our short-term borrowings outstanding was 4.5% and on our long-term debt outstanding was 5.4%. Lines of Credit The following table summarizes our available lines of credit and committed and uncommitted lines of credit, including our revolving credit facility, and the amounts available under our accounts receivable securitization programs.
(In millions) |  | March 31, 2025 |  | December 31, 2024
Used lines of credit(1) |  | $ | 137.9 |  |  | $ | 140.5 |
Unused lines of credit |  | 1,147.0 |  |  | 1,141.4 |
Total available lines of credit(2) |  | $ | 1,284.9 |  |  | $ | 1,281.9 |
(1)Includes total borrowings under the accounts receivable securitization programs and borrowings under lines of credit available to several subsidiaries. (2)Of the total available lines of credit, $1,134.9 million was committed as of March 31, 2025. Senior Notes 2024 Activity On June 28, 2024, the Company, together with Sealed Air Corporation (US), a wholly owned subsidiary of the Company, collectively issued $400.0 million aggregate principal amount of 6.500% senior notes due 2032 (the “2032 Notes”). The 2032 Notes will mature on July 15, 2032. Interest is payable on January 15 and July 15 of each year, commencing on January 15, 2025. The 2032 Notes are guaranteed on a senior unsecured basis by each of the Company’s existing and future wholly-owned domestic subsidiaries that guarantee its senior secured credit facilities (other than Sealed Air Corporation (US)), subject to release under certain circumstances. We capitalized $4.0 million of fees incurred in connection with the 2032 Notes, which are included in Long-term debt, less current portion on our Condensed Consolidated Balance Sheets. We may redeem the 2032 Notes, in whole or in part, at any time prior to July 15, 2027, at a redemption price equal to 100% of the principal amount of the 2032 Notes redeemed plus accrued and unpaid interest to, but not including, the redemption date, plus a “make-whole premium”. At any time prior to July 15, 2027, we may redeem up to 40% of the aggregate principal amount of the 2032 Notes with the net cash proceeds of certain equity offerings. The net proceeds from the 2032 Notes offering were used to repurchase all of the Company’s outstanding 5.500% senior notes due 2025 (the "2025 Notes") pursuant to the tender offer commenced by the Company on June 17, 2024 and satisfy and discharge all of the Company's outstanding 2025 Notes in accordance with the terms of the indenture governing the 2025 Notes and to pay related premiums, fees and expenses in connection therewith. The aggregate repurchase price was $407.9 million, which included the principal amount of $400.0 million, a premium of $6.2 million and accrued interest of $1.7 million. We recognized a pre-tax loss of $6.8 million on the extinguishment, including the premium mentioned above and $0.6 million of accelerated amortization of non-lender fees, included within Other income (expense), net on our Condensed Consolidated Statements of Operations during the second quarter of 2024. Covenants Each issue of our outstanding senior notes imposes limitations on our operations and those of specified subsidiaries. Our senior secured credit facility contains customary affirmative and negative covenants for credit facilities of this type, including limitations on our indebtedness, liens, investments, restricted payments, mergers and acquisitions, dispositions of assets, transactions with affiliates, amendment of documents and sale leasebacks, and a covenant specifying a maximum leverage ratio to EBITDA. We were in compliance with the above financial covenants and limitations at March 31, 2025.

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