- Packaging company Sonoco Products Co (NYSE: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.
Pactiv Evergreen Q4 Sales $1.53B Beat $1.45B Estimate
Pactiv Evergreen (NASDAQ:PTVE) reported quarterly sales of $1.53 billion which beat the analyst consensus estimate of $1.45 billion by 5.31 percent. This is a 29.96 percent increase over sales of $1.18 billion the same
