WestRock unit WRKCo markets two tranches of guaranteed notes

By Cristal Cody

Tupelo, Miss., May 16 – WestRock Co. subsidiary WRKCo Inc. is offering two tranches of fixed-rate guaranteed senior notes (Baa2/BBB) on Thursday, according to a 424B5 filed with the Securities and Exchange Commission.

The deal includes notes due 2028 and notes due 2032.

BofA Securities, Inc. and Wells Fargo Securities, LLC are the joint bookrunners.

The bookrunners on the 2028 notes are Scotia Capital (USA) Inc. and J.P. Morgan Securities LLC. Bookrunners on the 2032 notes are Mizuho Securities USA LLC and TD Securities (USA) LLC.

The notes will be fully and unconditionally guaranteed by WestRock Co., WestRock MWV, LLC and WestRock RKT, LLC.

The bonds have make-whole and par calls and a change-of-control put at 101%.

Proceeds will be used to redeem all $250 million of outstanding 2019 notes, to redeem all $350 million of outstanding 2020 notes, to reduce outstanding debt under the company’s three-year term loan under its delayed-draw credit facilities and under its commercial paper program and for general corporate purposes.

WestRock is an Atlanta-based paper and packaging manufacturer.

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