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LONG-TERM DEBT | 9 Months Ended
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Jul. 31, 2018
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt is summarized as follows:
(in millions) | July 31, 2018 |  | October 31, 2017
2017 Credit Agreement- Term Loan | $ | 277.5 |  |  | $ | 288.8 |
Senior Notes due 2019 | 248.8 |  |  | 248.0 |
Senior Notes due 2021 | 232.1 |  |  | 230.9 |
Receivables Facility | 150.0 |  |  | 150.0 |
2017 Credit Agreement- Revolving Credit Facility | 126.8 |  |  | 35.0 |
Other debt | 4.9 |  |  | 6.5 |
| 1,040.1 |  |  | 959.2 |
Less current portion | 15.0 |  |  | 15.0 |
Less deferred financing costs | 5.0 |  |  | 6.4 |
Long-term debt | $ | 1,020.1 |  |  | $ | 937.8 |
2017 Credit Agreement On November 3, 2016, the Company and certain of its international subsidiaries entered into a new senior secured credit agreement (the “2017 Credit Agreement”) with a syndicate of financial institutions. The 2017 Credit Agreement replaced in its entirety the $1.0 billion senior secured credit agreement entered into by the Company and two of its international subsidiaries in 2012 with a syndicate of financial institutions. The total available borrowing under the 2017 Credit Agreement was $658.8 million as of July 31, 2018, which has been reduced by $14.4 million for outstanding letters of credit, all of which was then available without violating covenants. The 2017 Credit Agreement provides for an $800.0 million revolving multicurrency credit facility expiring November 3, 2021, and a $300.0 million term loan, with quarterly principal installments that commenced on April 30, 2017, through maturity on November 3, 2021, both with an option to add an aggregate of $550.0 million to the facilities with the agreement of the lenders. The Company used the term loan on February 1, 2017, to repay the principal of the Company’s $300.0 million 6.75% Senior Notes that matured on that date. The revolving credit facility is available to fund ongoing working capital and capital expenditure needs, for general corporate purposes, and to finance acquisitions. Interest is based on either a Eurodollar rate or a base rate that resets periodically plus a calculated margin amount. The financing costs associated with the 2017 Credit Agreement totaled $4.6 million as of July 31, 2018, and are recorded as a direct deduction from the long-term debt liability. The 2017 Credit Agreement contains certain covenants, which include 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) its total consolidated indebtedness, to (b) the Company's net income plus depreciation, depletion, and amortization, interest expense (including capitalized interest), and income taxes, 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 1.00 (or 3.75 to 1.00, during any collateral release period). The interest coverage ratio generally requires that at the end of any fiscal quarter the Company will not permit the ratio of (a) adjusted EBITDA, to (b) the consolidated interest expense to the extent paid or payable, to be less than 3.00 to 1.00, during the applicable preceding twelve month period. As of July 31, 2018, $404.3 million was outstanding under the 2017 Credit Agreement. The current portion of the 2017 Credit Agreement was $15.0 million and the long-term portion was $389.3 million. The weighted average interest rate for borrowings under the 2017 Credit Agreement was 3.01% for the nine months ended July 31, 2018. The actual interest rate for borrowings under the 2017 Credit Agreement was 3.30% as of July 31, 2018. 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. The financing costs associated with the Senior Notes due 2019 totaled $0.5 million as of July 31, 2018, and are recorded as a direct deduction from the long-term liability. The $248.8 million outstanding balance as of July 31, 2018 is reported in long-term debt in the condensed consolidated balance sheets because the Company intends to refinance the obligation on a long-term basis and has the intent and ability to consummate a long-term refinancing. Senior Notes due 2021 On July 15, 2011, Greif, Inc.’s wholly-owned subsidiary, Greif Nevada Holdings, Inc., S.C.S. 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 On September 27, 2017, the Company amended and restated its existing receivables facility in the United States which matured in September of 2017 to establish a $150.0 million United States Trade Accounts Receivable Credit Facility (the "Receivables Facility") with a financial institution. The Receivables Facility matures on September 26, 2018. The $150.0 million outstanding balance as of July 31, 2018 is reported in long-term debt in the condensed consolidated balance sheets because the Company intends to refinance the obligation on a long-term basis and has the intent and ability to consummate a long-term refinancing.

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