Benzinga | Jul 1, 2021 04:26PM EDT

Sonoco Secures $750M Revolving Credit Facility

* 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.