ATLANTA--(BUSINESS WIRE)--
WestRock Company (NYSE: WRK) today announced that its wholly owned
subsidiary, WRKCo Inc., has priced a registered public offering of $500
million aggregate principal amount of 3.900% senior notes due June 1,
2028 and $500 million aggregate principal amount of 4.200% senior notes
due June 1, 2032. The notes will be guaranteed by WestRock Company and
certain of its subsidiaries.
WestRock intends to use the net proceeds of the offering to redeem (on
June 3, 2019) all of the $250.0 million principal amount of WestRock
MWV, LLC’s 7.375% notes due on September 1, 2019 (the “2019 Notes”) and
all of the $350.0 million principal amount of WestRock RKT, LLC’s 3.500%
notes due March 1, 2020 (the “2020 Notes”), to reduce outstanding
indebtedness under a term loan and commercial paper program and for
general corporate purposes. The offering is expected to close on May 20,
2019, subject to the satisfaction of customary closing conditions.
BofA Securities, Wells Fargo Securities, J.P. Morgan, Mizuho Securities,
Scotiabank and TD Securities are acting as joint book-running managers
for the offering. The offering is being made only by means of a
prospectus supplement and the accompanying base prospectus, which is
filed as part of WestRock’s effective shelf registration statement on
Form S-3, copies of which may be obtained by calling BofA Securities at
1-800-294-1322 or Wells Fargo Securities at 1-800-645-3751. You may also
obtain these documents for free by visiting EDGAR on the website of the
Securities and Exchange Commission at www.sec.gov.
This press release will not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of the
notes or the guarantees in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Forward-Looking Statements
This release contains forward-looking statements that are based on
management’s current views and assumptions and are typically identified
by words or phrases such as "may," "will," "could," "should," "would,"
"anticipate," "estimate," "expect," "project," "intend," "plan,"
"believe," "target," "prospects," "potential" and "forecast," and other
words, terms and phrases of similar meaning. Forward-looking statements
include statements such as that (i) WestRock intends to use the net
proceeds of the offering to redeem the 2019 Notes and the 2020 Notes, to
reduce outstanding indebtedness under a term loan and commercial paper
program and for general corporate purposes; (ii) the redemption date for
the 2019 Notes and the 2020 Notes will be June 3, 2019; and (iii) the
offering is expected to close on May 20, 2019. Factors that may affect
actual results include, but are not limited to, economic, competitive
and market conditions generally, volumes and price levels of purchases
by customers; and competitive conditions in WestRock’s businesses and
possible adverse actions of their customers, competitors and suppliers.
Please refer to the cautionary statements set forth in Item 1A of
WestRock’s Annual Report on Form 10-K for the year ended September 30,
2018. WestRock undertakes no duty to update forward-looking statements.
About WestRock
WestRock (NYSE: WRK) partners with our customers to provide
differentiated paper and packaging solutions that help them win in the
marketplace. WestRock’s team members support customers around the world
from locations spanning North America, South America, Europe, Asia and
Australia. Learn more at www.westrock.com.
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Investors:
James Armstrong, 470-328-6327
Vice
President, Investor Relations
james.armstrong@westrock.com
John Stakel, 678-291-7901
Senior Vice President, Treasurer
john.stakel@westrock.com
Media:
John Pensec, 470-328-6397
Director, Corporate
Communications
john.pensec@westrock.com
Source: WestRock Company