Greif, Inc. (GEF) said it closed $700 million of senior secured credit facilities co-arranged by Banc of America Securities LLC and J.P. Morgan Securities Inc.
The company noted that the new facilities would replace existing $450 million revolving credit facility, which was scheduled to expire on March 2010.
The agreement provides for a revolving credit facility of $500 million and a $200 million term loan, both expiring February 2012, with the ability to increase the facilities by up to $200 million.
GEF closed Thursday's regular trade at $29.53, down $1.01 or 3.31%, on a volume of 136 thousand shares.
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