Greif, Inc. Negotiates New Revolving Credit Facility
March 03 2005 - 9:59AM
PR Newswire (US)
Greif, Inc. Negotiates New Revolving Credit Facility DELAWARE,
Ohio, March 3 /PRNewswire-FirstCall/ -- Greif, Inc. (NYSE:GEF)
today announced the closing of a $350 million revolving credit
facility co- arranged by Deutsche Bank Securities and Key Bank,
N.A. The proceeds from this facility will be used to repay the
company's existing revolving credit facility and term loan, and for
other general corporate purposes. "We are extremely pleased with
this new facility," said Greif Chief Financial Officer Donald S.
Huml. "The terms of the facility are substantially equivalent to
those typical for an investment-grade rated company -- our near-
term aspiration. This is further evidence of the significant
improvement in our financial performance and credit profile." The
facility will initially be priced at a spread over LIBOR of 100
basis points on an all-drawn basis for a six-month period, and then
will follow a pricing grid based upon the company's total leverage.
Greif, Inc. is the world leader in industrial packaging products
and services. The Company provides extensive experience in steel,
plastic, fibre, corrugated and multiwall containers and protective
packaging for a wide range of industries. Greif also produces
containerboard and manages timber properties in North America.
Greif is strategically positioned in more than 40 countries to
serve global as well as regional customers. Additional information
is on the Company's Web site at http://www.greif.com/ . DATASOURCE:
Greif, Inc. CONTACT: Deb Strohmaier, APR, Director, Communications
of Greif, Inc., +1-740-549-6074, or Web site: http://www.greif.com/
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