Company: GEF
Filing Date: 2025-02-27
Form Type: 10-Q
Source: 0000043920-25-000009
Chunk: 49

Company: GREIF, INC
Filing Date: 2025-02-27
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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 personal property of certain of our U.S. subsidiaries, including equipment and inventory and certain intangible assets, as well as a pledge of the capital stock of substantially all of our U.S. subsidiaries. However, in the event that we receive and maintain an investment grade rating from either Moody’s Investors Services, Inc. or Standard & Poor’s Financial Services LLC, we may request the release of such collateral. Our obligations under the 2023 Credit Agreement are secured on a pari passu basis with the obligations arising under the 2022 Credit Agreement.

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The 2023 Credit Agreement contains covenants, including financial covenants, substantially the same as the covenants in 2022 Credit Agreement, as described above, and a “most favored lender” provision related to the 2022 Credit Agreement. As of January 31, 2025, we were in compliance with the covenants and other agreements in the 2023 Credit Agreement.

Short-Term Debt

Short-term debt is summarized as follows:

(in millions)January 31, 2025October 31, 2024Accounts receivable credit facilities306.2 — Other debt16.0 18.6 322.2 18.6 

Accounts Receivable Credit Facilities

We have a $300.0 million U.S. Receivables Financing Facility Agreement (the “U.S. RFA”) that matures on May 16, 2025. As of January 31, 2025, there was a $228.4 million ($273.7 million as of October 31, 2024) outstanding balance under the U.S. RFA. The U.S. RFA also contains events of default and covenants that are substantially the same as the covenants under the 2022 Credit Agreement. As of January 31, 2025, we were in compliance with these covenants. Proceeds of the U.S. RFA are available for working capital and general corporate purposes.

We have a €100.0 million ($104.2 million as of January 31, 2025) European Receivables Financing Agreement (the “European RFA”) that matures on April 22, 2025. As of January 31, 2025, $77.8 million ($84.2 million as of October 31, 2024) was outstanding on the European RFA. As of January 31, 2025