Reynolds American extends revolving facility by 12 months to 2021

By Marisa Wong

Morgantown, W.Va., Nov. 9 – Reynolds American Inc. extended the maturity date of its $2 billion senior unsecured revolving credit agreement by 12 months to Dec. 18, 2021, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The company requested the extension on Oct. 17, and the administrative agent issued a notice on Nov. 4 that the extension had been approved by lenders.

In connection with the extension, the company entered into a second amendment to its credit agreement on Nov. 4 to add some provisions consistent with current industry standards and conventions to address new European Economic Area regulations. These regulations give European bank regulators powers to eliminate, convert to equity or otherwise modify failing European financial institutions’ unsecured liabilities including, for instance, loan commitments.

Reynolds American is a Winston-Salem, N.C.-based manufacturer and seller of cigarettes and other tobacco products.

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