Sonoco Products refinances with $350 million five-year line of credit

By Susanna Moon

Chicago, Oct. 15 - Sonoco Products Co. obtained a $350 million five-year line of credit, which effectively supports its commercial paper program, according to an 8-K filing with the Securities and Exchange Commission.

The company amended its credit agreement on Friday with Bank of America Merrill Lynch, JPMorgan Chase Bank, NA, U.S. Bank, NA and Wells Fargo Bank, NA as lead arrangers and book managers.

The facility replaces the agreement closed on Oct. 18, 2010 and has substantially the same terms and conditions as the previous agreement, the filing noted.

Bank of America is the administrative agent, and Wells Fargo Bank, JPMorgan and U.S. Bank are co-syndication agents. The lenders are Bank of America, JPMorgan, U.S. Bank, Wells Fargo, Bank of Tokyo-Mitsubishi UFJ Trust Co., Deutsche Bank AG, New York Branch, TD Bank, NA and Bank of New York Mellon.

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

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