XML 78 R16.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Long-Term Debt | 3 Months Ended
--- | ---
Jan. 31, 2015
Debt Disclosure [Abstract] |
Long-Term Debt | NOTE 9 — LONG-TERM DEBT Long-term debt is summarized as follows (Dollars in millions):
|  | January 31, 2015 |  |  | October 31, 2014 |
Amended Credit Agreement |  | $ | 212.1 |  |  | $ | 169.2 |
Senior Notes due 2017 |  |  | 301.1 |  |  |  | 301.2 |
Senior Notes due 2019 |  |  | 245.4 |  |  |  | 245.2 |
Senior Notes due 2021 |  |  | 225.8 |  |  |  | 252.5 |
Amended Receivables Facility |  |  | 139.0 |  |  |  | 110.0 |
Other long-term debt |  |  | 24.6 |  |  |  | 26.9 |
|  |  | 1,148.0 |  |  |  | 1,105.0 |
Less current portion |  |  | (20.2 | ) |  |  | (17.6 | )
Long-term debt |  | $ | 1,127.8 |  |  | $ | 1,087.4 |
Amended Credit Agreement On December 19, 2012, the Company and two of its international subsidiaries amended and restated the Company’s existing $1.0 billion senior secured credit agreement with a syndicate of financial institutions (the “Amended Credit Agreement”). The total available borrowing under this facility was $724.4 million as of January 31, 2015, all of which is available without violating covenants, which has been reduced by $14.6 million for outstanding letters of credit. The Amended Credit Agreement contains financial covenants that require the Company to maintain a certain leverage ratio and an interest coverage ratio. The leverage ratio generally requires that at the end of any fiscal quarter the Company will not permit the ratio of (a) the Company’s total consolidated indebtedness, to (b) the Company’s consolidated net income plus depreciation, depletion and amortization, interest expense (including capitalized interest), income taxes, and minus certain extraordinary gains and non-recurring gains (or plus certain extraordinary losses and non-recurring losses) and plus or minus certain other items for the preceding twelve months (“adjusted EBITDA”) to be greater than 4.00 to 1. The interest coverage ratio generally requires that at the end of any fiscal quarter the Company will not permit the ratio of (a) the Company’s consolidated adjusted EBITDA to (b) the Company’s consolidated interest expense to the extent paid or payable, to be less than 3.00 to 1, during the preceding twelve month period (the “Interest Coverage Ratio Covenant”). As of January 31, 2015, the Company was in compliance with these covenants. As of January 31, 2015, $212.1 million was outstanding under the Amended Credit Agreement. The current portion of the Amended Credit Agreement was $17.3 million and the long-term portion was $194.8 million. The weighted average interest rate on the Amended Credit Agreement was 1.59% for the three months ended January 31, 2015. The actual interest rate on the Amended Credit Agreement was 1.54% as of January 31, 2015. Senior Notes due 2017 On February 9, 2007, the Company issued $300.0 million of 6.75% Senior Notes due February 1, 2017. Interest on these Senior Notes is payable semi-annually. Senior Notes due 2019 On July 28, 2009, the Company issued $250.0 million of 7.75% Senior Notes due August 1, 2019. Interest on these Senior Notes is payable semi-annually. Senior Notes due 2021 On July 15, 2011, Greif, Inc.’s wholly-owned subsidiary; Greif Nevada Holdings, Inc., S.C.S. (formerly Greif Luxembourg Finance S.C.A.) issued €€ 200.0 million of 7.375% Senior Notes due July 15, 2021. These Senior Notes are fully and unconditionally guaranteed on a senior basis by Greif, Inc. Interest on these Senior Notes is payable semi-annually. United States Trade Accounts Receivable Credit Facility Prior to September 30, 2013, the Company had a $130 million U.S. trade accounts receivable credit facility with a financial institution (the “Prior Receivables Facility”). On September 30, 2013, the Company amended and restated the Prior Receivables Facility to establish a $170.0 million United States Trade Accounts Receivable Credit Facility (the “Amended Receivables Facility”) with a financial institution. The Amended Receivables Facility matures in September 2016.

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration