S&P assigns WestRock notes BBB

S&P said it assigned its BBB issue-level rating to WRKCo Inc.'s proposed benchmark-size senior unsecured notes due June 2033. WRKCo Inc. is a subsidiary of WestRock Co.

“We estimate that the company will offer $500 million-$600 million of these notes,” S&P said in a press release.

The proceeds will be used for general corporate purposes, which may include repaying its $100 million of 9.75% senior notes due June 15, 2020, paying down the amount outstanding under its accounts receivable securitization program due May 2, 2022 ($475 million outstanding as of March 31) and cutting some of the borrowings under its revolving facilities ($807 million outstanding as of March 31).

All of S&P’s other ratings on WestRock, including the BBB issuer credit rating, remain unchanged, the agency said.

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