RICHMOND, Va.--(BUSINESS WIRE)--Mar. 3, 2016--
Tredegar Corporation (NYSE:TG) announced that it has entered into a new
$400 million five-year, secured revolving credit facility. The new
facility includes a customary accordion feature allowing for additional
borrowings of up to $50 million under certain conditions.
“We believe that our new credit facility provides us flexibility for
business development activities and the ability to weather a cyclical
downturn,” said Drew Edwards, Tredegar’s Chief Financial Officer.
Under the new credit agreement, the company has access to funds at an
interest rate on borrowings and commitment fees based on the company's
consolidated trailing four-quarter leverage ratio, subject to compliance
with certain covenants and other conditions. The credit facility will be
used for general corporate purposes.
This agreement, arranged by JPMorgan Chase Bank, N.A., as administrative
agent and SunTrust Bank, Citizens Bank, and PNC Bank, as co-syndication
agents, replaces the company’s existing $350 million credit facility
that was due to expire in April 2017. In connection with the company's
entrance into the new credit agreement, the company repaid in full and
terminated its existing credit agreement.
Additional details are available in the Current Report on Form 8-K filed
today by Tredegar with the Securities and Exchange Commission. The
filing is also available on Tredegar’s Web site at www.tredegar.com.
Tredegar Corporation is a manufacturer of plastic films and aluminum
extrusions. A global company headquartered in Richmond, Virginia,
Tredegar had 2015 sales of $896 million. With approximately 2,800
employees, the company operates manufacturing facilities in North
America, South America, Europe, and Asia.
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Source: Tredegar Corporation
Neill Bellamy, 804-330-1211