DEBT

11 Months Ended

Sep. 30, 2025

Long-Term Debt

Long-term debt is summarized as follows:


(in millions)	September 30, 2025		October 31, 2024
2022 Credit Agreement - Term Loans	$	784.1	$	1,707.4
2023 Credit Agreement - Term Loans	135.3		288.8

Accounts receivable credit facilities	—		357.9
2022 Credit Agreement - Revolving Credit Facility	—		373.7

Other debt	—		1.3
	919.4		2,729.1
Less current portion	—		95.8
Less deferred financing costs	4.6		7.1
Long-term debt, net	$	914.8	$	2,626.2

Credit Agreements

The Company and certain of its subsidiaries are parties to a senior secured credit agreement (the “2022 Credit Agreement”) with a syndicate of financial institutions.

The 2022 Credit Agreement provides for (a) an $800.0 million secured revolving credit facility, consisting of a $725.0 million multicurrency facility and a $75.0 million U.S. dollar facility, maturing on March 1, 2027, (b) a $1,100.0 million secured term loan A-1 facility with quarterly principal installments that commenced on July 31, 2022 and continue through January 31, 2027, with any outstanding principal balance of such term loan A-1 facility being due and payable on maturity on March 1, 2027, and

(c) a $515.0 million secured term loan A-2 facility with quarterly principal installments that commenced on July 31, 2022 and continue through January 31, 2027, with any outstanding principal balance of such term loan A-2 being due and payable on maturity on March 1, 2027, and (d) as further described below, a $300.0 million incremental secured term loan A-4 facility with quarterly principal installments that commenced on April 30, 2024 and continue through January 31, 2027, with any outstanding principal balance of such term loan A-4 being due and payable on maturity on March 1, 2027. Subject to the terms of the 2022 Credit Agreement, the Company has an option to borrow additional funds under the 2022 Credit Agreement with the agreement of the lenders.

On March 25, 2024, the Company and certain of its subsidiaries entered into an incremental term loan agreement (the “Incremental Term Loan A-4 Agreement”) with a syndicate of financial institutions. The Incremental Term Loan A-4 Agreement is an amendment to the 2022 Credit Agreement. The Incremental Term Loan A-4 Agreement provided for a loan in the aggregate principal amount of $300.0 million that was made available in a single draw on March 25, 2024 (the “Incremental Term Loan A-4”). Amounts repaid or prepaid in respect of the Incremental Term Loan A-4 may not be reborrowed. The Incremental Term Loan A-4 amortizes at 2.50% per annum in equal quarterly principal installments, with the remaining outstanding principal balance due on March 1, 2027. The terms and provisions of the Incremental Term Loan A-4 are identical in all material respects to the terms and provisions of the other term loans made under the 2022 Credit Agreement. The Company’s obligations with respect to the Incremental Term Loan A-4 are secured and guaranteed with the other obligations under the 2022 Credit Agreement on a pari passu basis. The Company used the proceeds from the Incremental Term Loan A-4 to repay funds drawn on the revolving credit facility under the 2022 Credit Agreement for the purchase of Ipackchem on March 26, 2024.

Interest accruing under the 2022 Credit Agreement is based on Secured Overnight Financing Rate (“SOFR”) plus a credit spread adjustment or a base rate that resets periodically plus, in each case, a calculated margin amount that is based on the Company’s leverage ratio.

On May 17, 2023, the Company and Greif Packaging LLC, a direct wholly owned subsidiary of Greif, Inc. (“Greif Packaging”), entered into a $300.0 million senior secured credit agreement (the “2023 Credit Agreement” and, together with the 2022 Credit Agreement, the “2022 and 2023 Credit Agreements”) with CoBank, ACB (“CoBank”), which acted as a lender and is acting as administrative agent of the 2023 Credit Agreement. The 2023 Credit Agreement is permitted incremental equivalent debt under the terms of the 2022 Credit Agreement. The 2023 Credit Agreement provides for a $300.0 million secured term loan facility with quarterly principal installments that commenced on July 31, 2023 and continue through January 31, 2028, with any outstanding principal balance of such term loan being due and payable on maturity on May 17, 2028. The Company used the borrowing under the 2023 Credit Agreement to repay and refinance a portion of the outstanding borrowings under the 2022 Credit Agreement.

Interest accruing under the 2023 Credit Agreement is based on SOFR plus a credit spread adjustment or a base rate that resets periodically plus, in each case, a calculated margin amount that is based on the Company’s leverage ratio.

As of September 30, 2025, $919.4 million was outstanding under the 2022 and 2023 Credit Agreements, which was all classified as long-term. Proceeds received from the Containerboard Divestiture were used to repay debt. Due to the large, voluntary repayment and the terms of the agreement there are no further required scheduled payments due within the next 12 months. The weighted average interest rate for borrowings under the 2022 and 2023 Credit Agreements was 5.85% for the year ended September 30, 2025 (11-month). The actual interest rate for borrowings under the 2022 and 2023 Credit Agreements was 5.92% as of September 30, 2025. The deferred financing costs associated with the term loan portion of the 2022 and 2023 Credit Agreements totaled $4.6 million as of September 30, 2025 and are recorded as a reduction of long-term debt on the consolidated balance sheets. The deferred financing costs associated with the revolving portion of the 2022 Credit Agreement totaled $1.5 million as of September 30, 2025 and are recorded within other long-term assets on the consolidated balance sheets.

Other

As of September 30, 2025, annual scheduled payments and maturities, including the current portion of long-term debt, were zero in 2026, $784.1 million in 2027, $135.3 million in 2028, and zero thereafter.

Short-Term Debt

Short-term debt is summarized as follows:


(in millions)	September 30, 2025	October 31, 2024
Accounts receivable credit facilities	275.0	—

Other debt	12.7	18.6
	287.7	18.6

Accounts Receivable Credit Facilities

United States Trade Accounts Receivable Credit Facility

Greif Receivables Funding LLC (“Greif Funding”), 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, to provide for a receivables financing facility (the “U.S. RFA”). On August 28, 2025, the Third Amended TAA was amended to provide an accounts receivable financing facility of $200.0 million that matures on May 15, 2026. The weighted average interest rate for borrowings under the U.S. RFA was 5.45% for the year ended September 30, 2025 (11-month).

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. RFA is secured by certain trade accounts receivables 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. RFA. As of September 30, 2025, there was a $179.7 million ($273.7 million as of October 31, 2024) outstanding balance under the U.S. RFA.

International Trade Accounts Receivable Credit Facilities

On April 1, 2025, Cooperage Receivables Finance B.V. and Greif Services Belgium BV, an indirect wholly owned subsidiary of Greif, Inc., amended and restated the Nieuw Amsterdam Receivables Financing Agreement (the “European RFA”) with affiliates of a major international bank. The amended and restated European RFA matures April 21, 2026. The European RFA provides an accounts receivable financing facility of up to €100.0 million ($117.0 million as of September 30, 2025) secured by accounts receivable of certain European subsidiaries of Greif, Inc. As of September 30, 2025, $95.3 million ($84.2 million as of October 31, 2024) was outstanding under the European RFA. The weighted average interest rate for borrowings under the European RFA was 3.59% for the year ended September 30, 2025 (11-month).