News

Sealed Air, the protective packaging specialist, and its lenders have agreed an amendment to its revolving credit facility.

The deal will give the company "additional financial flexibility, which may be used for general corporate purposes", by increasing its credit facility from $472m to $750m.

Sealed Air was unavailable to give Packaging News more details.

However, in a statement it said: "These modifications will provide the company with additional financing flexibility, which may be used for general corporate purposes, including funding of cash obligations."

Industry rumours have suggested that Sealed Air could be set to make a bid for parts of Alcan Packaging. The company declined to comment on the speculation last week.

Sealed Air, the company behind brands such as Bubble Wrap and Jiffy, has operations in 51 countries and recorded revenue of $4.7bn in 2007.