Sealed Air Corp. announced that it has signed an amendment to its principal revolving credit facility including changes to the definition of earnings before EBITDA. This is in order to better match the cash flow that is available to pay down its debt, the company said. The amendment also raises the total credit facility amount to a maximum of $750 million, the current total amount available for borrowing under the credit facility is approximately $472 million.
The company also increased the maximum purchase limit for receivables interests under its accounts receivable securitization program by $25 million to $160 million. Pricing on the credit facility and the securitization program has increased and fees associated with the amendments to the credit facility will be amortized over its remaining life.