Sonoco enters into new $600 million bank credit agreement

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Sonoco enters into new $600 million bank credit agreement

October 03, 2014 - 09:56

OAKLAND, CA, Oct. 3, 2014 (RISI) -Sonoco entered into a new $600 million bank credit agreement providing a new $350 million five-year revolving credit facility and a new $250 million three-year term loan. The agreement replaces an existing $350 million revolving credit facility the firm agreed in October 2012, and reflects substantially the same terms and conditions.

"Consistent with the replaced facility, the $350 million revolving credit facility is expected to be used to support an identically sized commercial paper program. The $250 million term loan is available to be drawn at any time over the next three months, contingent on the consummation of the previously announced acquisition of Weidenhammer Packaging Group, for which the proceeds will be used," Sonoco said in a SEC filing.