Greif Inc Closes on Amended $1 Billion of Senior Secured Credit Facilities
December 19 2012 - 4:30PM
Delaware, Ohio (Dec. 19, 2012) - Greif, Inc.
(NYSE: GEF, GEF.B) and two subsidiaries amended and restated the
company's existing $1.0 billion senior secured credit facilities
with a syndicate of financial institutions on Dec. 19, 2012. The
amended credit facilities provide the company with an $800 million
revolving multicurrency credit facility and a $200 million term
loan, both expiring in December 2017, with an option to add $250
million to the facilities with the agreement of the lenders. The
new facilities, which include lower pricing and improved covenants,
amend the existing $1.0 billion senior secured credit facilities
scheduled to expire in October 2015.
The revolving credit facility is available to fund
ongoing working capital needs and general corporate purposes, and
to finance permitted acquisitions.
"These new facilities reduce our borrowing costs
and enhance financial flexibility," said Greif Senior Vice
President and Chief Financial Officer Robert McNutt. "We are
pleased with the strong support for the company from our
relationship lenders as evidenced by the significant
oversubscription of the syndication."
The joint lead arrangers and joint bookrunners are
Merrill Lynch, Pierce, Fenner & Smith Incorporated; J.P. Morgan
Securities LLC; and Wells Fargo Securities LLC.
About Greif, Inc.
Greif is a world leader in industrial packaging products and
services. The company produces steel, plastic, fibre, flexible,
corrugated and multiwall containers and containerboard, and
provides reconditioning, blending, filling and packaging services
for a wide range of industries. Greif also manages timber
properties in North America. The company is strategically
positioned in more than 55 countries to serve global as well as
regional customers. Additional information is on the company's
website at www.greif.com.
# # #
Media Contact:
Deb Strohmaier, APR
Vice President, Communications
+1 740-549-6074
+1 740-816-0692 (cell)
debra.strohmaier@greif.com
Analysts Contact:
Robert Lentz
614-876-2000
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information contained therein.
Source: Greif Inc via Thomson Reuters ONE
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