Sonoco Products Company Announces Tender Offer for its 5.75% Notes Due 2040
HARTSVILLE, S.C., April 28, 2021 (GLOBE NEWSWIRE) -- Sonoco (NYSE: SON), one of the largest diversified global packaging companies (“Sonoco”), today announced that it has commenced a cash tender
offer (the “Offer”) to purchase up to $300,000,000 aggregate principal amount (the “Tender Cap”) of its 5.75% Notes due 2040 (the “Notes”). Sonoco intends to use available cash on hand to purchase
the Notes validly tendered in the Tender Offer.
The following table sets forth some of the terms of the Offer:
Title of Security |
CUSIP Number |
Principal Amount Outstanding |
Tender Cap (Principal Amount) |
Reference U.S. Treasury Security |
Bloomberg Reference Page(1) |
Fixed Spread (basis points) |
Early Tender Premium (per $1,000) |
|||
5.75% Senior Notes due 2040 |
835495AJ1 | $600,000,000 | $300,000,000 |
1.625% UST due November 15, 2050 |
FIT 1 | 120 bps | $50.00 |
(1) The applicable page on Bloomberg from which the Dealer Manager named below will quote the bid side prices of the Reference U.S. Treasury Security (each, as defined herein). In the above table, “UST” denotes a U.S. Treasury Security.
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The Offer is being made upon, and is subject to, the terms and conditions set forth in the Offer to Purchase, dated April 28, 2021 (as it may be amended or supplemented from time to time, the “Offer to Purchase”). The Offer will expire at 11:59 p.m., New York City time, on May 25, 2021, unless extended or earlier terminated by Sonoco (the “Expiration Date”). Holders of the Notes must validly tender their Notes at or before 5:00 p.m., New York City time, on May 11, 2021, unless extended or earlier terminated (the “Early Tender Deadline”) in order to be eligible to receive the Total Consideration (as defined below), which includes the Early Tender Premium (as defined below). Tenders of Notes may be withdrawn at any time at or prior to 5:00 p.m., New York City time, on May 11, 2021 (the “Withdrawal Deadline”), but may not be withdrawn thereafter except in certain limited circumstances where additional withdrawal rights are required by law.