Greif, Inc. Closes on Amended $1 Billion of Senior Secured Credit Facilities

Date: 2012-12-19

Delaware, Ohio (Dec. 19, 2012) – Greif, Inc. (NYSE: GEF, GEF.B) and two subsidiaries amended and restated the company’s existing $1.0 billion senior secured credit facilities with a syndicate of financial institutions on Dec. 19, 2012. The amended credit facilities provide the company with an $800 million revolving multicurrency credit facility and a $200 million term loan, both expiring in December 2017, with an option to add $250 million to the facilities with the agreement of the lenders. The new facilities, which include lower pricing and improved covenants, amend the existing $1.0 billion senior secured credit facilities scheduled to expire in October 2015.

The revolving credit facility is available to fund ongoing working capital needs and general corporate purposes, and to finance permitted acquisitions.

"These new facilities reduce our borrowing costs and enhance financial flexibility," said Greif Senior Vice President and Chief Financial Officer Robert McNutt. "We are pleased with the strong support for the company from our relationship lenders as evidenced by the significant oversubscription of the syndication.”

The joint lead arrangers and joint bookrunners are Merrill Lynch, Pierce, Fenner & Smith Incorporated; J.P. Morgan Securities LLC; and Wells Fargo Securities LLC.