Greif Closes $700 Million Of Credit Facilities
The agreement provides for a revolving credit facility of $500 million and a $200 million term loan, both expiring February of 2012, with the ability to increase the facilities by up to $200 million. Borrowings under these new credit facilities are subject to a pricing grid, initially priced all-in at LIBOR plus 300 basis points, and are subject to certain covenants.
Delaware, Ohio-based Greif offers industrial packaging products and services. The company produces steel, plastic, fibre, corrugated and multiwall containers, protective packaging and containerboard, and provides blending, filling and packaging services for a range of industries.
Greif also manages timber properties in North America. The company has facilities in 47 countries and reported $3.8 billion in net sales in 2008.
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