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.