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Veritiv extends $1.4 billion asset-based facility, adjusts pricing
By Angela McDaniels
Tacoma, Wash., Aug. 15 – Veritiv Corp. amended the credit agreement for its $1.4 billion asset-based credit facility on Thursday, extending the maturity date to Aug. 11, 2021 from July 1, 2019, and adjusting the pricing grid, among other changes.
Following the amendment, the margin over Libor for tranche A is now 125 basis points if excess availability is greater than 50%, 150 bps if excess availability is less than or equal to 50% but greater than 25% and 175 bps if excess availability is less than or equal to 25%, according to an 8-K filing with the Securities and Exchange Commission.
Prior to the amendment, the margin over Libor for tranche A was 125 bps if excess availability was greater than 66.6%, 150 bps if excess availability was less than or equal to 66.6% but greater than 33.3% and 175 bps if excess availability was less than or equal to 33.3%.
Following the amendment, the margin over Libor for tranche A-1 is now 250 bps if excess availability is greater than 50%, 275 bps if excess availability is less than or equal to 50% but greater than 25% and 300 bps if excess availability is less than or equal to 25%.
Prior to the amendment, the margin over Libor for tranche A-1 was 250 bps if excess availability was greater than 66.6%, 275 bps if excess availability was less than or equal to 66.6% but greater than 33.3% and 300 bps if excess availability was less than or equal to 33.3%.
Bank of America, NA is the administrative agent and collateral agent.
Veritiv is an Atlanta-based business-to-business distributor of print, publishing, packaging and facility solutions.
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