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Sonoco Products Co. – ‘8-K’ for 12/2/22

On:  Wednesday, 12/7/22, at 12:55pm ET   ·   For:  12/2/22   ·   Accession #:  91767-22-70   ·   File #:  1-11261

Previous ‘8-K’:  ‘8-K’ on 11/14/22 for 11/9/22   ·   Next:  ‘8-K’ on 12/12/22 for 12/8/22   ·   Latest:  ‘8-K’ on / for 3/26/24   ·   1 Reference:  By:  Sonoco Products Co. – ‘10-K’ on 2/28/23 for 12/31/22

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  As Of               Filer                 Filing    For·On·As Docs:Size

12/07/22  Sonoco Products Co.               8-K:1,2,9  12/02/22   12:1.2M

Current Report   —   Form 8-K

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     39K 
 2: EX-10.1     Material Contract                                   HTML    867K 
 7: R1          Cover Page                                          HTML     46K 
10: XML         IDEA XML File -- Filing Summary                      XML     13K 
 8: XML         XBRL Instance -- son-20221202_htm                    XML     23K 
 9: EXCEL       IDEA Workbook of Financial Reports                  XLSX      8K 
 4: EX-101.DEF  XBRL Definitions -- son-20221202_def                 XML     38K 
 5: EX-101.LAB  XBRL Labels -- son-20221202_lab                      XML     77K 
 6: EX-101.PRE  XBRL Presentations -- son-20221202_pre               XML     38K 
 3: EX-101.SCH  XBRL Schema -- son-20221202                          XSD     11K 
11: JSON        XBRL Instance as JSON Data -- MetaLinks               13±    19K 
12: ZIP         XBRL Zipped Folder -- 0000091767-22-000070-xbrl      Zip    161K 


‘8-K’   —   Current Report


This is an HTML Document rendered as filed.  [ Alternative Formats ]



 iX:   C:  C: 
  son-20221202  
 i December 2, 2022 i South Carolina i 57-0248420 i 0000091767 i false00000917672022-12-022022-12-02

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM  i 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  i December 2, 2022
 
 i SONOCO PRODUCTS COMPANY
 Commission File No.  i 001-11261
 
Incorporated under the lawsI.R.S. Employer Identification
of  i South Carolina
No.  i 57-0248420
 i 1 N. Second St.
 i Hartsville,  i South Carolina  i 29550
Telephone:  i 843/ i 383-7000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 i Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 i Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 i Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 i Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
 i No par value common stock i SON i New York Stock Exchange, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company     i 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act.






Item 1.01    Entry into a Material Definitive Agreement

On December 2, 2022, Sonoco Products Company (the “Company”) entered into a credit agreement with a consortium of banks and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Term Loan Agreement”). The Term Loan Agreement provides the Company with the ability to borrow up to $400 million on an unsecured basis (the “Term Loan Facility”) the proceeds of which will be used for general corporate purposes, including repayment of certain short-term debt. The full $400 million available under the Term Loan Facility was drawn on December 2, 2022.

Borrowings under the Term Loan Facility, net of any prepayments, will become payable in full on December 1, 2023. Borrowings under the Term Loan Facility will bear interest at a fluctuating rate per annum equal to, at the Company’s option, (i) the forward-looking Secured Overnight Financing Rate term rate (such borrowings, “Term SOFR Loans”) or (ii) a base rate, plus, in each case, an applicable margin calculated based on the Company’s credit ratings. The Company has designated its borrowings under the Term Loan Facility as Term SOFR Loans, and the margin currently applicable to Term SOFR Loans is 1.475%. There is no required amortization, and voluntary prepayments of borrowings under the Term Loan Facility are permissible without penalty, subject to certain conditions pertaining to minimum notice and minimum prepayment and reduction amounts as described in the Term Loan Agreement.

The Term Loan Agreement contains various customary representations and warranties and affirmative and negative covenants, as more fully described in the Term Loan Agreement. The Term Loan Agreement also contains various customary events of default (subject to grace periods, as applicable) including, among others: nonpayment of principal, interest or fees; breach of covenant; payment default on, or acceleration under, certain other material indebtedness; inaccuracy of the representations or warranties in any material respect; bankruptcy or insolvency; inability to pay debts; certain unsatisfied judgments; certain ERISA-related events; the invalidity or unenforceability of the Term Loan Agreement or certain other documents executed in connection therewith; and the occurrence of a change of control.

The foregoing description of the Term Loan Agreement and the Term Loan Facility does not purport to be complete and is qualified in its entirety by reference to the full and complete terms of the Term Loan Agreement, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.

Certain of the lenders under the Term Loan Facility and/or their affiliates have in the past performed, and may in the future from time to time perform, investment banking, financial advisory, lending and/or commercial banking services, or other services for the Company and/or its subsidiaries (including in connection with the transactions described in this Current Report on Form 8-K), for which they have received, and may in the future receive, customary compensation and expense reimbursement.


Item 2.03    Creation of a Direct Financial Obligation or an Obligation under an Off-Balance
Sheet Arrangement of a Registrant.

The information in Item 1.01 is incorporated herein by reference.


Item 9.01    Financial Statements and Exhibits.

(d) Exhibits
10.1
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)





SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
SONOCO PRODUCTS COMPANY
Date: December 7, 2022By:/s/ Robert R. Dillard
Robert R. Dillard
Chief Financial Officer



Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
12/1/23None on these Dates
Filed on:12/7/22
For Period end:12/2/22
 List all Filings 


1 Subsequent Filing that References this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/28/23  Sonoco Products Co.               10-K       12/31/22  132:21M
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Filing Submission 0000091767-22-000070   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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