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Veritiv trims ABL facility to $1.1 billion, extends maturity to 2025
By Marisa Wong
Los Angeles, April 14 – Veritiv Corp. entered into on April 9 an amendment and restatement of its credit agreement dated July 1, 2014 with Bank of America, NA as administrative agent to reduce total commitments and extend the maturity date, according to an 8-K filing with the Securities and Exchange Commission.
Veritiv reduced total commitments under its asset-based lending credit facility to $1.1 billion from $1.4 billion and extended the maturity date to April 9, 2025.
In addition, the company adjusted the pricing grid under the ABL facility. Tranche A borrowings bear interest at Libor plus 175 basis points to 225 bps, and tranche A-1 loans bear interest at Libor plus 300 bps to 350 bps. In each case, the applicable margin is based on excess availability, and the rate is subject to a 0.75% Libor floor.
Veritiv is an Atlanta-based business-to-business distributor of print, publishing, packaging and facility solutions.
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