Reynolds Consumer Products Announces Debt Refinancing of Term Loan Facility
Reynolds Consumer Products (REYN) has successfully refinanced $1.645 billion of its original $2.475 billion term loan facility. The new term loan, maturing in 2032, extends the previous maturity by approximately 5 years. The refinancing includes improved terms with no original issue discount and bears interest at SOFR plus 175 basis points per annum, representing a 10 basis point reduction in credit spread compared to the existing loan.
The refinancing, led by JP Morgan, follows the company's previously announced upsized revolving credit facility in October. CFO Nathan Lowe highlighted that this refinancing demonstrates the company's strong credit profile, robust free cash flow, and disciplined capital management approach.
Reynolds Consumer Products (REYN) ha rifinanziato con successo $1,645 miliardi del suo prestito a termine originale di $2,475 miliardi. Il nuovo prestito a termine, in scadenza nel 2032, estende la scadenza precedente di circa 5 anni. Il rifinanziamento include condizioni migliorate senza sconto sull'emissione originale e prevede un interesse pari a SOFR più 175 punti base all'anno, rappresentando una riduzione di 10 punti base nello spread creditizio rispetto al prestito esistente.
Il rifinanziamento, guidato da JP Morgan, segue l'annuncio della società riguardo l'ampliamento della linea di credito revolving avvenuto in ottobre. Il CFO Nathan Lowe ha sottolineato che questo rifinanziamento dimostra il forte profilo creditizio dell'azienda, il robusto flusso di cassa libero e un approccio disciplinato nella gestione del capitale.
Reynolds Consumer Products (REYN) ha refinanciado con éxito $1,645 mil millones de su préstamo a plazo original de $2,475 mil millones. El nuevo préstamo a plazo, que vence en 2032, extiende el vencimiento anterior en aproximadamente 5 años. El refinanciamiento incluye condiciones mejoradas sin descuento por emisión original y tiene un interés del SOFR más 175 puntos básicos anuales, lo que representa una reducción de 10 puntos básicos en el diferencial crediticio en comparación con el préstamo existente.
El refinanciamiento, liderado por JP Morgan, sigue al anuncio previo de la compañía sobre la ampliación de su línea de crédito revolvente en octubre. El CFO Nathan Lowe destacó que este refinanciamiento demuestra el sólido perfil crediticio de la empresa, su robusto flujo de caja libre y un enfoque disciplinado en la gestión del capital.
레놀즈 소비자 제품 (REYN)은 원래 24억 7500만 달러 규모의 만기 대출 시설에서 16억 4500만 달러를 성공적으로 재융자했습니다. 2032년에 만기가 도래하는 새로운 대출은 이전 만기를 약 5년 연장합니다. 이번 재융자는 원래 발행 할인 없이 개선된 조건을 포함하고 있으며, 연간 SOFR에 175bp의 이자를 부과하여 기존 대출에 비해 신용 스프레드를 10bp 줄였습니다.
JP 모건이 주도한 이번 재융자는 10월에 발표된 회사의 확대된 회전 신용 시설 이후에 이루어졌습니다. CFO 네이선 로우는 이번 재융자가 회사의 강력한 신용 프로필, 탄탄한 자유 현금 흐름 및 규율 있는 자본 관리 접근 방식을 보여준다고 강조했습니다.
Reynolds Consumer Products (REYN) a réussi à refinancer 1,645 milliard de dollars de son prêt à terme initial de 2,475 milliards de dollars. Le nouveau prêt à terme, qui arrive à échéance en 2032, prolonge l'échéance précédente d'environ 5 ans. Le refinancement comprend des conditions améliorées sans remise à l'émission initiale et porte intérêt à SOFR plus 175 points de base par an, ce qui représente une réduction de 10 points de base de l'écart de crédit par rapport au prêt existant.
Le refinancement, dirigé par JP Morgan, fait suite à l'annonce de l'augmentation de la ligne de crédit renouvelable de l'entreprise en octobre. Le CFO Nathan Lowe a souligné que ce refinancement démontre le solide profil de crédit de l'entreprise, son flux de trésorerie libre robuste et son approche disciplinée de la gestion du capital.
Reynolds Consumer Products (REYN) hat erfolgreich 1,645 Milliarden Dollar seiner ursprünglichen 2,475 Milliarden Dollar großen Terminkreditfazilität refinanziert. Der neue Terminkredit, der 2032 fällig wird, verlängert die vorherige Fälligkeit um etwa 5 Jahre. Die Refinanzierung umfasst verbesserte Konditionen ohne ursprünglichen Ausgabeabschlag und trägt Zinsen in Höhe von SOFR plus 175 Basispunkten pro Jahr, was eine Reduzierung von 10 Basispunkten im Kreditspread im Vergleich zum bestehenden Kredit darstellt.
Die Refinanzierung, die von JP Morgan geleitet wurde, folgt auf die zuvor bekannt gegebene Erhöhung der revolvierenden Kreditfazilität im Oktober. CFO Nathan Lowe hob hervor, dass diese Refinanzierung das starke Kreditprofil des Unternehmens, den robusten freien Cashflow und einen disziplinierten Ansatz im Kapitalmanagement demonstriert.
- Extended debt maturity by 5 years to 2032
- 10 basis points reduction in credit spread
- No original issue discount on new term loan
- Strong credit profile and free cash flow demonstrated
- Maintains substantial debt level of $1.645 billion
The new term loan will mature in 2032, extending the maturity of the Company’s existing term loan by approximately 5 years. Reflecting the Company’s strong credit profile, the new term loan was priced with no original issue discount and bears interest at the Secured Overnight Financing Rate (SOFR) plus 175 basis points per annum, representing a 10 basis point credit spread reduction compared to the rate on the existing term loan.
JP Morgan served as lead-left arranger for the term loan refinancing.
“We are very pleased with the successful completion of this refinancing which underscores the strength of our credit profile, strong free cash flow and disciplined capital management,” said Nathan Lowe, Chief Financial Officer. “With these improved terms and our upsized revolving credit facility announced in October, we are even better positioned to support our strategic priorities and create long-term value for our shareholders. We also want to express our appreciation to JP Morgan for their exceptional support through this refinancing process, along with our revolving credit facility bank group which assisted in the execution of the refinancing.”
About Reynolds Consumer Products Inc.
Reynolds Consumer Products is a leading provider of household products that simplify daily life so consumers can enjoy what matters most. With a presence in
Forward Looking Statements
This press release contains statements reflecting our views about our future performance that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our plans to refinance our term loan facility. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “intends,” “outlook,” “forecast”, “position”, “committed,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “model”, “assumes,” “confident,” “look forward,” “potential” “on track”, or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include plans and expectations related to refinancing our term loan facility, the timing thereof, our cash flow profile, our credit metrics, our capital structure and our financial flexibility. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q.
For additional information on these and other factors that could cause our actual results to materially differ from those set forth herein, please see our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and subsequent filings. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
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Investor Contact:
Mark Swartzberg
Mark.Swartzberg@reynoldsbrands.com
(847) 482-4081
Source: Reynolds Consumer Products Inc.
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