Company: SLGN
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000849869-25-000029
Chunk: 38

Company: SILGAN HOLDINGS INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 16
Chunk 38
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verage Ratio as provided in the Credit Agreement.  As of December 31, 2024, the interest rate on U.S. term loans and Euro term loans under the Credit Agreement was 6.21 percent and 4.77 percent, respectively.The Credit Agreement provides for the payment of a commitment fee ranging from 0.20 percent to 0.30 percent per annum on the daily average unused portion of commitments available under the revolving loan facility (0.25 percent at December 31, 2024). The commitment fee is reset quarterly based upon our Total Net Leverage Ratio as provided in the Credit Agreement.We may utilize up to a maximum of $125.0 million of our multi-currency revolving loan facility under the Credit Agreement for letters of credit as long as the aggregate amount of borrowings of Revolving Loans under the multi-currency revolving loan facility and letters of credit do not exceed the amount of the commitment under such multi-currency revolving loan facility. The Credit Agreement provides for payment to the applicable lenders of a letter of credit fee equal to the applicable margin in effect for Revolving Loans under the multi-currency revolving loan facility, calculated on the stated amount of such letter of credit, and to the issuers of letters of credit of a fronting fee of the greater of (x) $500 per annum and (y) 0.25 percent per annum calculated on the aggregate stated amount of such letters of credit, in each case for their stated duration.For 2024, 2023 and 2022, the weighted average annual interest rate paid on term loans under the Credit Agreement was 6.4 percent, 6.5 percent and 3.2 percent, respectively; and the weighted average annual interest rate paid on revolving loans under the Credit Agreement was 6.2 percent, 6.4 percent and 3.0 percent, respectively.  From time to time, we enter into interest rate swap agreements to convert interest rate exposure from variable rates to fixed rates of interest. For 2024, 2023 and 2022, the weighted average annual interest rate paid on term loans under the Credit Agreement, after consideration of our interest rate swap agreements, was 5.9 percent, 6.2 percent and 3.3 percent, respectively. See Note 10 which includes a discussion of our interest rate swap agreements.The indebtedness under the Credit Agreement is guaranteed by us, our U.S. subsidiaries and our Dutch subsidiary that is a borrower under the Credit Agreement. The