|
The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
BofA Agents $750MM Credit Facility for Sonoco Products Co.
|
Lenders/Participants
|
Bank of America [Administrative Agent, Lender]
Wells Fargo Bank [Co-Syndication Agent, Lender]
JPMorgan Chase Bank [Co-Syndication Agent, Lender]
U.S. Bank [Co-Syndication Agent, Joint Lead Arranger, Lender, Joint Bookrunner]
TD Bank [Lender]
The Bank of Tokyo-Mitsubishi UFJ [Lender]
Deutsche Bank AG New York Branch [Lender]
The Bank of New York Mellon [Lender]
Merrill Lynch [Joint Lead Arranger, Joint Bookrunner]
J.P. Morgan Bank [Joint Lead Arranger, Joint Bookrunner]
Wells Fargo Securities [Joint Lead Arranger, Joint Bookrunner]
|
|
Structure
|
$500MM Revolver; $250MM Term Loan
|
|
Amount
|
$750.000
Million
|
|
Borrower(s)
|
Sonoco Products Company
|
|
Description
|
Company announced it has signed a definitive agreement to acquire 100% of the stock of Clear Lam Packaging, Inc., a family-held developer and manufacturer of flexible and forming plastic packaging films for approximately $170 million in cash. According to an SEC filing, to help fund the deal Sonoco entered into a new $750 million bank credit facility which replaces the existing credit facility entered into October 2, 2014, and reflects substantially the same terms and conditions. Included in the new facility are a $500 million five-year revolving credit facility, and a $250 million five-year term loan. Based on the pricing grid in the Credit Agreement and the registrant’s current credit ratings, a London Interbank Offered Rate (LIBOR) borrowing has an all-in drawn margin of 112.5 basis points. Borrowings under the Credit Agreement are pre-payable at any time at the discretion of the registrant and the term loan has annual amortization payments totaling $12.5 million. Consistent with prior facilities, the $500 million revolving credit facility will continue to support the registrant’s $350 million commercial paper program. The $250 million term loan repaid the $150 million term loan entered into March 13, 2017 and $100 million was used to partially fund the acquisition of Clear Lam Packaging, Inc.
|
|
Industry
|
Packaging
|
| Related Tags |
Bank of America, Deutsche Bank AG New York Branch, J.P. Morgan Bank, JPMorgan Chase Bank, Merrill Lynch, TD Bank, The Bank of New York Mellon, The Bank of Tokyo-Mitsubishi, U.S. Bank, Wells Fargo Bank, Wells Fargo Securities
|
ABL Advisor
Deal Tables
2024
|
|
|
|
|