Bulletin: Sonoco Products Co.'s Announced Acquisition Will Raise Leverage, Shift Exposure Toward Consumer End-Markets - S&P Global Ratings’ Credit Research

Bulletin: Sonoco Products Co.'s Announced Acquisition Will Raise Leverage, Shift Exposure Toward Consumer End-Markets

Bulletin: Sonoco Products Co.'s Announced Acquisition Will Raise Leverage, Shift Exposure Toward Consumer End-Markets - S&P Global Ratings’ Credit Research
Bulletin: Sonoco Products Co.'s Announced Acquisition Will Raise Leverage, Shift Exposure Toward Consumer End-Markets
Published Dec 20, 2021
2 pages (1216 words) — Published Dec 20, 2021
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Abstract:

NEW YORK (S&P Global Ratings) Dec. 20, 2021--S&P Global Ratings today said that Hartsville, S.C.-based packaging manufacturer Sonoco Products Co.'s (BBB/Negative/A-2) announced acquisition of Ball Metalpack Finco LLC (B-/Stable/--), a food- and aerosol-focused metal packaging company, will raise leverage but will also increase the company's exposure to consumer end-markets. Ball Metalpack is a joint venture owned by Platinum Equity (51%) and Ball Corp. (BB+/Stable/--; 49%). The purchase price for the acquisition is $1.35 billion in cash, and Sonoco has obtained a commitment for a $1 billion senior unsecured bridge loan facility. Sonoco intends to replace the bridge facility prior to acquisition closing with permanent debt financing. If this transaction closes as described, we estimate Sonoco's S&P Global Ratings'-adjusted pro forma

  
Report Type:

Bulletin

Ticker
SON
Issuer
Sonoco Products Co.
GICS
Paper Packaging (15103020)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: Sonoco Products Co.'s Announced Acquisition Will Raise Leverage, Shift Exposure Toward Consumer End-Markets" Dec 20, 2021. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Sonoco-Products-Co-s-Announced-Acquisition-Will-Raise-Leverage-Shift-Exposure-Toward-Consumer-End-Markets-2773872>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: Sonoco Products Co.'s Announced Acquisition Will Raise Leverage, Shift Exposure Toward Consumer End-Markets Dec 20, 2021. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Sonoco-Products-Co-s-Announced-Acquisition-Will-Raise-Leverage-Shift-Exposure-Toward-Consumer-End-Markets-2773872>
  
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