SONOCO PRODUCTS CO (SON): debt financing — Sonoco enters $900M term loan, draws $600M; ups revolver to $900M

SONOCO PRODUCTS CO

$600M drawn on Aug 7 to refinance near-term debt and fund rural waste disposal capex.
Remaining $300M to be drawn in 2023 for RTS Packaging acquisition from WestRock.
Term loan matures Aug 7, 2028; interest at Term SOFR + 1.90% margin initially.
Revolving credit facility increased by $150M to $900M via amendment with CoBank.
No required amortization; revolver supports $500M commercial paper program.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SONOCO PRODUCTS CO amended revolving credit of $900 million with CoBank, FCB.

Instrument: revolving credit
Principal: $900 million
Counterparty: CoBank, FCB
Event: amendment

Exact text from the filing

the Amendment increases commitments under the Company's existing revolving credit facility by $150 million to an aggregate amount of $900 million

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SONOCO PRODUCTS CO incurred credit facility of $900 million with CoBank, ACB at Term SOFR plus applicable margin of 1.90% maturing August 7, 2028.

Instrument: credit facility
Principal: $900 million
Counterparty: CoBank, ACB
Rate: Term SOFR plus applicable margin of 1.90%
Maturity: August 7, 2028
Event: incurrence

Exact text from the filing

the Term Loan Agreement provides the Company with the ability to borrow up to $900 million on an unsecured basis

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SONOCO PRODUCTS CO entered into Term Loan Agreement with a consortium of Farm Credit System institutions and CoBank, ACB, as Administrative Agent valued at $900 million (effective 2023-08-07).

Action: entry
Agreement: credit facility
Counterparty: a consortium of Farm Credit System institutions and CoBank, ACB, as Administrative Agent
Value: $900 million
Effective: 2023-08-07

Exact text from the filing

On August 7, 2023, Sonoco Products Company (the “Company”) entered into a credit agreement with a consortium of Farm Credit System institutions and CoBank, ACB, as Administrative Agent (the “Term Loan Agreement”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SONOCO PRODUCTS CO amended Third Amendment to Credit Agreement and Incremental Increase Agreement with CoBank, FCB valued at $150 million (effective 2023-08-07).

Action: amendment
Agreement: credit facility
Counterparty: CoBank, FCB
Value: $150 million
Effective: 2023-08-07

Exact text from the filing

on August 7, 2023, the Company executed the “Third Amendment to Credit Agreement and Incremental Increase Agreement” (the “Amendment”). The Amendment increases commitments under the Company's existing revolving credit facility by $150 million to an aggregate amount of $900 million, with CoBank, FCB, as a new lender.

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102 debt financings filed in the last 30 days. Browse all debt financings →

SONOCO PRODUCTS CO filing history →

Source: SEC EDGAR

accession 0000091767-23-000049

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