Company: GEF
Filing Date: 2025-06-05
Form Type: 10-Q
Source: 0000043920-25-000025
Chunk: 114

Company: GREIF, INC
Filing Date: 2025-06-05
Form: 10-Q
Item: Part I, Item 8
Chunk 114
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ivables Financing Facility Agreement (the “U.S. RFA”) that matures on May 15, 2026. As of April 30, 2025, there was a $274.3 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 April 30, 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 ($114.2 million as of April 30, 2025) European Receivables Financing Agreement (the “European RFA”) that matures on April 21, 2026. As of April 30, 2025, $107.0 million ($84.2 million as of October 31, 2024) was outstanding under the European RFA. As of April 30, 2025, we were in compliance with covenants contained in the European RFA. Proceeds of the European RFA are available for working capital and general corporate purposes.

See Note 5 to the interim condensed consolidated financial statements included in Item 1 of this Form 10-Q for additional disclosures regarding our financial obligations.

Financial Instruments

Interest Rate Derivatives

As of April 30, 2025, we had various interest rate swaps with a total notional amount of $1,362.5 million ($1,400.0 million as of October 31, 2024) amortizing down over the term, in which we receive variable interest rate payments based on SOFR and in return are obligated to pay interest at a weighted average fixed interest rate of 2.99%. These derivatives are designated as cash flow hedges for accounting purposes and will mature between March 1, 2027 and July 16, 2029.

Accordingly, the gain or loss on these derivative instruments is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same line item associated with the forecasted transactions and in the same period during which the hedged transaction affects earnings.

Foreign Exchange Hedges

We conduct business in international currencies and are subject to risks associated with changing foreign exchange rates. Our objective is to reduce volatility associated