AEP Industries extends $150 million credit facility, lowers pricing

By Tali Rackner

Norfolk, Va., Feb. 4 – AEP Industries Inc. amended its $150 million second amended and restated loan and security agreement on Jan. 29 to extend maturity and revise pricing, according to an 8-K filing with the Securities an Exchange Commission.

Wells Fargo Bank, NA is the agent.

The maturity date of the credit facility was extended to Feb. 1, 2019 from Feb. 21, 2017.

Interest is now Libor plus 150 basis points to 200 bps, down from Libor plus 175 bps to 250 bps.

The commitment fee is now equal to 37.5 bps if the sum of the average daily balance of loans and letters of credit accommodations in the month is less than 50% of the maximum credit, and 25 bps if the sum is more than 50%. Previously, the fee was fixed at 37.5 bps.

AEP is a South Hackensack, N.J.-based producer, manufacturer and distributor of plastic packaging products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.