Sonoco enters $300M delayed draw term loan facility with Wells Fargo

SONOCO PRODUCTS CO

Term loan facility of up to $300M unsecured, delayed draw available until Sept 13, 2026.
Matures 2 years after funding date; interest at Term SOFR or base rate plus margin based on credit ratings (0.850%-1.100% for Term SOFR).
Covenants: maintain Book Net Worth ≥80% of March 31, 2024 level and Consolidated Interest Coverage Ratio ≥3.25x.
Proceeds for general corporate purposes; voluntary prepayments allowed without penalty.

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