WestRock gets $450 million 364-day senior revolving credit facility

By Marisa Wong

Morgantown, W.Va., Nov. 2 – WestRock Co. entered into a credit agreement on Oct. 31 for a 364-day senior unsecured revolving credit facility totaling $450 million, according to an 8-K filed Thursday with the Securities and Exchange Commission.

Wells Fargo Securities, LLC, Mizuho Bank, Ltd. and MUFG are the joint lead arrangers and joint bookrunners with Wells Fargo Bank, NA as administrative agent.

Proceeds may be used for working capital and for other general corporate purposes.

Loans will bear interest at Libor plus an applicable margin ranging from 87.5 basis points to 150 bps, depending on the company’s corporate credit ratings or its leverage ratio, whichever yields a lower applicable margin at that time.

The commitment fee ranges from 8 bps to 20 bps, also based on ratings or the leverage ratio, whichever yields a lower fee.

The credit agreement’s financial covenants include maintenance of a maximum consolidated debt to capitalization ratio and a minimum consolidated interest coverage ratio.

WestRock is a packaging company based in Norcross, Ga.

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