By Cristal Cody
Tupelo, Miss., Aug. 21 – WestRock Co. sold $1 billion of senior notes (Baa2/BBB) in two tranches in a Rule 144A and Regulation S offering on Monday, according to a news release.
The company priced $500 million of 3% notes due 2024 and $500 million of 3.375% notes due 2027.
Additional pricing details were not immediately available.
The notes are guaranteed by certain WestRock subsidiaries.
Proceeds will be used to repay about $990 million of debt.
Norcross, Ga.-based WestRock provides paper and packaging services for companies.
| Issuer: | WestRock Co.
|
| Guarantors: | Certain WestRock subsidiaries
|
| Amount: | $1 billion
|
| Description: | Senior notes
|
| Trade date: | Aug. 21
|
| Settlement date: | Aug. 24
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Seven-year notes
|
| Amount: | $500 million
|
| Maturity: | 2024
|
| Coupon: | 3%
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | 2027
|
| Coupon: | 3.375%
|
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