Reynolds Consumer Products Announces Extended and Upsized Revolving Credit Facility
Reynolds Consumer Products Inc. (Nasdaq: REYN) has announced an amendment to its credit agreement, replacing its undrawn $250 million senior secured revolving credit facility with an undrawn $700 million senior secured revolving credit facility. The new facility, led by Wells Fargo, extends the maturity date from February 2026 to October 2029.
The upsized facility aligns Reynolds with companies of similar credit strength. The company's existing senior secured term loan facility, maturing in February 2027, remains unchanged with $1.784 billion outstanding as of June 30, 2024.
CFO Scott Huckins stated that the company's capital allocation priorities remain unchanged, and this move aims to optimize their capital structure and increase financial flexibility. Reynolds continues to monitor market conditions for refinancing the term loan facility, leveraging its strong cash flow profile and improved credit metrics.
Reynolds Consumer Products Inc. (Nasdaq: REYN) ha annunciato una modifica al suo accordo di credito, sostituendo la sua linea di credito revolving senior garantita non utilizzata da 250 milioni di dollari con una linea di credito revolving senior garantita non utilizzata da 700 milioni di dollari. La nuova struttura, guidata da Wells Fargo, estende la data di scadenza da febbraio 2026 a ottobre 2029.
La struttura ampliata allinea Reynolds con aziende di forza creditizia simile. La linea di credito senior garantita esistente della società, con scadenza a febbraio 2027, rimane invariata con 1,784 miliardi di dollari in sospeso al 30 giugno 2024.
Il CFO Scott Huckins ha dichiarato che le priorità di allocazione del capitale dell'azienda rimangono invariate e che questa mossa mira a ottimizzare la loro struttura capitale e aumentare la flessibilità finanziaria. Reynolds continua a monitorare le condizioni di mercato per il rifinanziamento della linea di credito a termine, sfruttando il proprio forte flusso di cassa e i migliorati parametri di credito.
Reynolds Consumer Products Inc. (Nasdaq: REYN) ha anunciado una enmienda a su acuerdo de crédito, reemplazando su línea de crédito revolving senior garantizada no utilizada de 250 millones de dólares con una línea de crédito revolving senior garantizada no utilizada de 700 millones de dólares. La nueva línea, liderada por Wells Fargo, extiende la fecha de vencimiento de febrero de 2026 a octubre de 2029.
La línea ampliada alinea a Reynolds con empresas de fortaleza crediticia similar. La línea de préstamo a plazo senior garantizada existente de la empresa, que vence en febrero de 2027, permanece sin cambios con 1,784 mil millones de dólares pendientes al 30 de junio de 2024.
El CFO Scott Huckins declaró que las prioridades de asignación de capital de la empresa permanecen sin cambios y que este movimiento tiene como objetivo optimizar su estructura de capital y aumentar la flexibilidad financiera. Reynolds continúa monitoreando las condiciones del mercado para el refinanciamiento de la línea de préstamo a plazo, aprovechando su sólido perfil de flujo de caja y los mejores métricas de crédito.
Reynolds Consumer Products Inc. (Nasdaq: REYN)는 사용하지 않은 2억5000만 달러 규모의 담보부 선순위 회전 신용 시설을 7억 달러 규모의 담보부 선순위 회전 신용 시설로 대체하는 신용 계약 수정안을 발표했습니다. 새로운 시설은 Wells Fargo가 주도하며 만료일을 2026년 2월에서 2029년 10월로 연장합니다.
확대된 시설은 Reynolds를 유사한 신용 강도의 기업에 맞추어줍니다. 회사의 기존 담보부 선순위 대출 시설은 2027년 2월에 만료되며, 2024년 6월 30일 기준 1784억 달러의 잔액이 있습니다.
CFO Scott Huckins는 회사의 자본 배분 우선순위가 그대로 유지되며 이 조치가 자본 구조를 최적화하고 재정적 유연성을 증가시키기 위한 것이라고 밝혔습니다. Reynolds는 강력한 현금 흐름 프로필과 개선된 신용 지표를 활용하여 대출 시설의 재융자를 위해 시장 조건을 지속적으로 모니터링하고 있습니다.
Reynolds Consumer Products Inc. (Nasdaq: REYN) a annoncé un amendement à son accord de crédit, remplaçant sa ligne de crédit renouvelable senior garantie non tirée de 250 millions de dollars par une ligne de crédit renouvelable senior garantie non tirée de 700 millions de dollars. La nouvelle structure, dirigée par Wells Fargo, prolonge la date d’échéance de février 2026 à octobre 2029.
La structure élargie aligne Reynolds avec des entreprises ayant une force de crédit similaire. Le prêt à terme senior garanti existant de la société, arrivant à échéance en février 2027, reste inchangé avec 1,784 milliard de dollars encore dû au 30 juin 2024.
Le CFO Scott Huckins a déclaré que les priorités d'allocation de capital de l'entreprise restent inchangées et que cette démarche vise à optimiser leur structure de capital et à accroître la flexibilité financière. Reynolds continue de surveiller les conditions du marché pour le refinancement de la ligne de prêt à terme, en tirant parti de son solide profil de flux de trésorerie et de ses indicateurs de crédit améliorés.
Reynolds Consumer Products Inc. (Nasdaq: REYN) hat eine Änderung seines Kreditvertrags angekündigt, bei der die ungenutzte senior gesicherte revolvierende Kreditlinie in Höhe von 250 Millionen Dollar durch eine ungenutzte senior gesicherte revolvierende Kreditlinie in Höhe von 700 Millionen Dollar ersetzt wird. Die neue Einrichtung, die von Wells Fargo geleitet wird, verlängert das Fälligkeitsdatum von Februar 2026 auf Oktober 2029.
Die erweiterte Einrichtung bringt Reynolds mit Unternehmen ähnlicher Kreditstärke in Einklang. Die bestehende senior gesicherte Terminanzahlung der Firma, die im Februar 2027 fällig wird, bleibt mit einem Stand von 1,784 Milliarden Dollar zum 30. Juni 2024 unverändert.
CFO Scott Huckins erklärte, dass die Kapitalallokationsprioritäten des Unternehmens unverändert bleiben und dass dieser Schritt darauf abzielt, ihre Kapitalstruktur zu optimieren und die finanzielle Flexibilität zu erhöhen. Reynolds überwacht weiterhin die Marktbedingungen zur Refinanzierung der Terminkreditfazilität und nutzt dabei sein starkes Cashflow-Profil und verbesserte Kreditkennzahlen.
- Increased revolving credit facility from $250 million to $700 million
- Extended maturity of revolving credit facility from February 2026 to October 2029
- Improved financial flexibility and capital structure optimization
- Strong cash flow profile and improved credit metrics noted by CFO
- None.
Insights
The extension and upsizing of Reynolds Consumer Products' revolving credit facility from
The extended maturity to October 2029 provides long-term stability, while the undrawn status indicates a strong cash position. However, investors should note the substantial
This move could potentially lead to:
- Increased capacity for strategic investments or acquisitions
- Enhanced ability to weather economic uncertainties
- Improved negotiating position for future debt refinancing
Overall, this development strengthens REYN's financial position without immediately impacting its debt load, which is a positive signal for investors focused on the company's long-term financial stability and growth potential.
The parties replaced an undrawn
The Company’s senior secured term loan facility under the credit agreement continues to mature in February 2027 and had outstanding indebtedness of
“Our capital allocation priorities remain unchanged and we are pleased to successfully extend and upsize our revolving credit facility as part of our ongoing work to optimize our capital structure and increase our financial flexibility.” said Scott Huckins, Chief Financial Officer. “We continue to actively monitor market conditions for refinancing the term loan facility, benefiting from our strong cash flow profile and improved credit metrics.”
Wells Fargo acted as lead left arranger and syndication agent for the revolving credit facility.
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:
Mark Swartzberg
Mark.Swartzberg@reynoldsbrands.com
(847) 482-4081
Source: Reynolds Consumer Products Inc.
FAQ
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