Sonoco Secures $750M Revolving Credit Facility

  • Packaging company Sonoco Products Co SON has entered into a new five-year $750 million revolving credit facility with a syndicate of banks.
  • The Credit Agreement replaces an existing credit facility entered into on July 20, 2017, and reflects substantially the same terms and conditions.
  • The new revolving credit facility will support Sonoco’s $500 million commercial paper program.
  • The company had also announced a $150 million accelerated share buyback program in May.
  • BofA Securities Inc, Wells Fargo Securities LLC, JPMorgan Chase Bank N.A., U.S. Bank National Association, and TD Securities (U.S.A.) LLC are the joint lead arrangers under the credit agreement.
  • “This new credit facility provides us with additional financial flexibility and reflects our strong credit profile,” said Julie Albrecht, Chief Financial Officer.
  • Sonoco’s cash and equivalents totaled $587.5 million as of March 31, 2021.
  • Price action: SON shares are closed lower by 0.33% at $66.68 on Thursday.
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