S&P rates WRKCo notes BBB

S&P said it assigned a BBB rating to WRKCo Inc.'s proposed senior unsecured notes.

The agency said it expects the company to issue the notes in more than one tranche, including a nine-year tenor due 2028 and 13-year tenor due 2032.

WestRock Co. is a guarantor to the debt issued under subsidiaries WRKCo, WestRock MWV LLC and WestRock RKT LLC.

The proposed notes issued by WRKCo will rank pari passu with the company's other senior unsecured notes, S&P said.

The agency said it expects WRKCo to use the proceeds from these notes for debt reduction, including to redeem the $250 million 7.375% notes due Sept. 1, 2019, $350 million 3.5% notes due March 1, 2020 and various outstanding term loans and commercial paper.

All of the other ratings on WestRock, including its BBB/A-2 issuer credit rating, are unchanged.

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