Sonoco enters new $750 million revolving credit facility

By William Gullotti

Buffalo, N.Y., June 30 – Sonoco Products Co. announced it has entered into a five-year $750 million revolving credit facility, replacing the previous $500 million facility entered on July 20, 2017, according to a press release.

Consistent with prior facilities, the new revolving credit facility will support Sonoco’s $500 million commercial paper program.

The terms and conditions of both facilities are reported to be substantially the same.

Based on the company’s current credit ratings, pricing for an all-in drawn margin is Libor plus 125 basis points.

BofA Securities, Inc.; Wells Fargo Securities, LLC, JPMorgan Chase Bank, NA, U.S. Bank NA and TD Securities (USA) LLC are joint lead arrangers of the agreement. Bank of America, NA is the administrative agent. Wells Fargo Bank, NA, JP Morgan Chase Bank, NA, U.S. Bank NA and TD Bank, NA are co-syndication agents. MUFG Bank, Ltd. is the documentation agent.

Sonoco Products is a Hartsville, S.C., manufacturer of paperboard-based and other industrial and consumer packaging products.

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