HARTSVILLE, S.C. (News release) -- Sonoco Products Company, a global leader in high-value sustainable packaging, today announced that it has priced an offering (the "Offering") of senior unsecured notes in a combined aggregate principal amount of $1.8 billion (collectively, the "Notes"). The Notes will be issued in three tranches:
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$500 million in aggregate principal amount of 4.450% notes due 2026
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$600 million in aggregate principal amount of 4.600% notes due 2029
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$700 million in aggregate principal amount of 5.000% notes due 2034
Sonoco expects that the closing of the Offering will occur on September 19, 2024, subject to the satisfaction of customary closing conditions.
Sonoco intends to use an amount equal to the net proceeds from the Offering, together with borrowings under its acquisition term loan facilities and, if needed, cash on hand or additional borrowings under its existing revolving credit facility, to fund the cash consideration payable by Sonoco in connection with Sonoco's pending acquisition of Titan Holdings I B.V. ("Eviosys") and to pay related fees and expenses.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc. and Wells Fargo Securities, LLC are serving as joint book-running managers for the Offering.
