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SONOCO FILES PREFERRED AND DEBT REGISTRATION STATEMENTS

 HARTSVILLE, S.C., Oct. 5 /PRNewswire/ -- Sonoco Products Company (NASDAQ-NMS: SONO) today announced that it had filed a registration statement with the Securities and Exchange Commission for a proposed negotiated public offering through underwriters of 3,000,000 shares of Series A Cumulative Convertible Preferred Stock ($50 liquidation preference per share). The registration statement also covers an additional 450,000 shares issuable to the underwriters upon exercise of an option to cover over-allotments, if any. The public offering price, annual, dividend, initial conversion price and optional redemption prices will be determined at the time of sale. J.P. Morgan Securities Inc. and CS First Boston Corporation will be the managing underwriters. The proceeds from the sale of the new Convertible Preferred Stock will be used to repay bridge loans to be incurred in connection with Sonoco's tender offer for all of the outstanding common stock of Engraph, Inc., which expires at midnight on Oct. 14, 1993, unless extended. The Convertible Preferred Stock is expected to trade on The Nasdaq National Market, as does Sonoco's Common Stock.
 Sonoco also announced that it had filed a registration statement to increase the amount of debt securities registered under its current shelf registration from $100,000,000 to $325,000,000. Proceeds from periodic sales of debt securities will be available for general corporate purposes, including repayment of bridge loans and certain other indebtedness in connection with the Engraph acquisition.
 Sonoco Products Company, a South Carolina corporation founded in 1899, is a major multinational manufacturer of paperboard-based and plastic-based packaging products. The company is also vertically-integrated into paperboard production and recovered paper collection. The paperboard utilized in the company's packaging products is produced substantially from recovered paper. The company operates an extensive network of plants in the United States and has subsidiaries in Europe, Canada, Mexico, South America, Australia and Asia, and affiliates in the United Kingdom, Canada, Japan and France.
 Registration statements relating to the foregoing securities have been filed with the Securities and Exchange Commission, but have not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statements become effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of these securities in any state in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 10/5/93
 /CONTACT: Dick Puffer of Sonoco Products, 803-383-7425/
 (SONO)


CO: Sonoco Products Company ST: South Carolina IN: PAP SU:

MM-CM -- CH011 -- 9081 10/05/93 17:23 EDT
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Publication:PR Newswire
Date:Oct 5, 1993
Words:445
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