Tredegar makes first amendment to five-year revolving credit facility

By Cady Vishniac

Detroit, Dec. 3 – Tredegar Corp. has entered into the first amendment to its five-year revolving credit facility on Dec. 1, according to an 8-K filing with the Securities and Exchange commission.

The changes made to the facility with this amendment include:

• Borrowings were reduced to $375 million from $500 million;

• The definition of consolidated EBITDA was amended to permit certain adjustments for prepayment of pension obligations on a pro forma basis;

• The restricted payments covenant was amended to permit a one-time special dividend payment of up to $200 million and an additional $75 million of dividend payments over the life of the facility;

• The asset disposition covenant was amended to reduce the general basket to 20% of consolidated total assets over the life of the facility and was reset as of the effective date of the amendment; and

• The indebtedness covenant was amended to reduce several baskets to $25 million each.

JPMorgan Chase Bank, NA is the administrative agent on the revolver.

Truist Bank, Citizens Bank, NA and PNC Bank, NA are co-syndication agents, and U.S. Bank NA, Bank of America, NA and Wells Fargo Bank, NA are lenders and co-documentation agents.

Tredegar is a Richmond, Va.-based manufacturer of plastic films and aluminum extrusions.

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