LONG-TERM DEBT

12 Months Ended

Oct. 31, 2021

Long-term debt is summarized as follows:


(in millions)	October 31, 2021		October 31, 2020
2019 Credit Agreement - Term Loans	$	1,247.3	$	1,429.8
Senior Notes due 2027	495.9		495.1
Senior Notes due 2021	—		234.8
Accounts receivable credit facilities	391.1		310.0
2019 Credit Agreement - Revolving Credit Facility	50.5		—
Other debt	0.6		—
	2,185.4		2,469.7
Less current portion	120.3		123.1
Less deferred financing costs	10.3		11.1
Long-term debt, net	$	2,054.8	$	2,335.5

2019 Credit Agreement

On February 11, 2019, the Company and certain of its subsidiaries entered into an amended and restated senior secured credit agreement (the “2019 Credit Agreement”) with a syndicate of financial institutions. The Company's obligations under the 2019 Credit Agreement are guaranteed by certain of its U.S. and non-U.S. subsidiaries.

The 2019 Credit Agreement provides for (a) an $800.0 million secured revolving credit facility, consisting of a $600.0 million multicurrency facility and a $200.0 million U.S. dollar facility, maturing on February 11, 2024, (b) a $1,275.0 million secured term A-1 loan with quarterly principal installments that commenced on April 30, 2019 and continue through maturity on

January 31, 2024, (c) a $400.0 million secured term A-2 loan with quarterly principal installments that commenced on April 30, 2019 and continue through maturity on January 31, 2026, and (d) a $225.0 million secured term A-3 loan with quarterly principal installments that commenced on July 31, 2021 and continue through maturity on July 15, 2026. In addition, the Company has an option to add an aggregate of $475.0 million to the secured revolving credit facility under the 2019 Credit Agreement with the agreement of the lenders. The revolving credit facility is available to fund ongoing working capital and capital expenditure needs, for general corporate purposes, and to finance acquisitions.

As of October 31, 2021, $1,297.8 million was outstanding under the 2019 Credit Agreement. The current portion of such outstanding amount was $120.3 million, and the long-term portion was $1,177.5 million. The weighted average interest rate for borrowings under the 2019 Credit Agreement was 1.81% for the year ended October 31, 2021. The actual interest rate for borrowings under the 2019 Credit Agreement was 1.41% as of October 31, 2021. The deferred financing costs associated with the term loan portion of the 2019 Credit Agreement totaled $8.4 million as of October 31, 2021 and are recorded as a reduction of long-term debt on the consolidated balance sheets. The deferred financing costs associated with the revolver portion of the 2019 Credit Agreement totaled $4.2 million as of October 31, 2021 and are recorded within other long-term assets on the consolidated balance sheets.

Senior Notes due 2027

On February 11, 2019, the Company issued $500.0 million of 6.50% Senior Notes due March 1, 2027 (the "Senior Notes due 2027"). Interest on the Senior Notes due 2027 is payable semi-annually and commenced on September 1, 2019. The Company's obligations under the Senior Notes due 2027 are guaranteed by its U.S. subsidiaries that guarantee the 2019 Credit Agreement, as described above. The Company used the net proceeds from the issuance of the Senior Notes due 2027, together with borrowings under the 2019 Credit Agreement, to fund the purchase price of the Caraustar Acquisition, to redeem all of the Senior Notes due 2019, to repay outstanding borrowings under the Company's then existing credit agreement, and to pay related fees and expenses. The deferred financing cost associated with the Senior Notes due 2027 totaled $1.9 million as of October 31, 2021 and is recorded as a reduction of long-term debt on the consolidated balance sheets.

United States Trade Accounts Receivable Credit Facility

On September 24, 2019, certain U.S. subsidiaries of Greif, Inc. (the “Company”) amended and restated the existing receivables financing facility (the “U.S. Receivables Facility”). Greif Receivables Funding LLC (“Greif Funding”), Greif Packaging LLC (“Greif Packaging”), for itself and as servicer, and certain other U.S. subsidiaries of the Company entered into a Third Amended and Restated Transfer and Administration Agreement, dated as of September 24, 2019 (the “Third Amended TAA”), with Bank of America, N.A., as the agent, managing agent, administrator and committed investor, and various investor groups, managing agents, and administrators, from time to time parties thereto. The Third Amended TAA provided for a $275.0 million U.S. Receivables Facility. On May 26, 2021, the Third Amended TAA was amended with a new maturity date of May 26, 2022.

Greif Funding is a direct subsidiary of Greif Packaging and is included in the Company’s consolidated financial statements. However, because Greif Funding is a separate and distinct legal entity from the Company, the assets of Greif Funding are not available to satisfy the liabilities and obligations of the Company, Greif Packaging or other subsidiaries of the Company, and the liabilities of Greif Funding are not the liabilities or obligations of the Company or its other subsidiaries.

The U.S. Receivables Facility is secured by certain trade accounts receivables related to the Global Industrial Packaging and the Paper Packaging & Services businesses of Greif Packaging and other subsidiaries of the Company in the United States and bears interest at a variable rate based on the London InterBank Offered Rate or an applicable base rate, plus a margin, or a commercial paper rate, all as provided in the Third Amended TAA. Interest is payable on a monthly basis and the principal balance is payable upon termination of the U.S. Receivables Facility. The $275.0 million outstanding balance under the U.S. Receivables Facility as of October 31, 2021 is reported as long-term debt in the consolidated balance sheets because the Company intends to refinance this obligation on a long-term basis and has the intent and ability to consummate a long-term refinancing.

International Trade Accounts Receivable Credit Facilities

On July 27, 2021, Cooperage Receivables Finance B.V. and Greif Coordination Center BVBA, an indirect wholly owned subsidiary of Greif, Inc., amended and restated the European RFA with affiliates of a major international bank. The amended and restated European RFA matures April 26, 2022. The European RFA provides an accounts receivable financing facility of up to €100.0 million ($116.1 million as of October 31, 2021) secured by certain European accounts receivable. The $116.1 million outstanding on the European RFA as of October 31, 2021 is reported as long-term debt on the consolidated balance sheets because the Company intends to refinance these obligations on a long-term basis and has the intent and ability to consummate a long-term refinancing by exercising the renewal option in the respective agreement or entering into new financing arrangements.

Short-Term Borrowings

The Company had short-term borrowings of $50.5 million and $28.4 million as of October 31, 2021 and 2020, respectively. There are no financial covenants associated with this other debt.

As of October 31, 2021, annual scheduled payments and maturities, including the current portion of long-term debt, were $562.5 million in 2022, $120.3 million in 2023, $611.0 million in 2024, $26.1 million in 2025, $369.6 million in 2026 and $495.9 million thereafter.