Greif completes $1 billion amended and restated five-year facility

By Sara Rosenberg

New York, Dec. 19 - Greif Inc. closed on a $1 billion amended and restated five-year senior secured credit facility, according to a news release.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities LLC acted as the joint lead arrangers and joint bookrunners on the deal.

The facility consists of an $800 million revolver and a $200 million term loan.

There is a $250 million accordion feature.

Proceeds were used to replace an existing facility set to mature in October 2015, and the revolver is available to fund ongoing working capital needs, general corporate purposes and permitted acquisitions.

The new facility includes lower pricing and improved covenants.

Greif is a Delaware, Ohio-based provider of packaging products and services.

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