Grief Closes on Amended $1B Senior Secured Credit Facilities
Greif, Inc. (NYSE: GEF) 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.
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