NEW YORK (S&P Global Ratings) April 20, 2020--S&P Global Ratings today assigned its 'BBB' issue-level rating to Hartsville, S.C.-based diversified packaging producer Sonoco Products Co.'s proposed benchmark-size senior unsecured notes. We estimate that the offering will be in the $500 million-$600 million range and mature in 10 years. Sonoco plans to use the proceeds from these notes for general corporate purposes, which may include repaying its existing debt. The company drew $250 million on its revolving credit facility on April 1, 2020, and used roughly $100 million of the proceeds to fully repay its then-outstanding commercial paper balance. It also has $250 million of 4.375% senior unsecured notes due November 2021. All of our other ratings on Sonoco, including our
