...January 11, 2022 NEW YORK (S&P Global Ratings) Jan. 11, 2022--S&P Global Ratings today assigned its '###' issue-level rating to Hartsville, S.C.-based packaging manufacturer Sonoco Products Co.'s senior unsecured notes. We expect the company to use the proceeds from these notes, along with borrowings from its proposed $300 million term loan and commercial paper, to fund its acquisition of Ball Metalpack Finco LLC. Our '###' long-term issuer credit rating and negative outlook on Sonoco reflect the increase in its leverage pro forma for the proposed acquisition. We estimate the company's S&P Global Ratings-adjusted pro forma 2021 leverage will increase to more than 3.0x from less than 2.5x as of October 2021. Our ratings recognize the relatively recession-resistant demand for Sonoco's products, as well as its satisfactory business diversity, focus on pricing discipline, and continued productivity improvements, which support its credit quality. ISSUE RATINGS--SUBORDINATION RISK ANALYSIS Capital...
