LONG-TERM DEBT

Long-term debt is summarized as follows:



(in millions)	January 31, 2019		October 31, 2018
2017 Credit Agreement - Term Loan	$	270.0	$	277.5
Senior Notes due 2019	249.4		249.1
Senior Notes due 2021	227.8		226.5
Accounts receivable credit facilities	242.1		150.0
2017 Credit Agreement - Revolving Credit Facility	93.4		3.8
Other debt	0.8		0.7
	1,083.5		907.6
Less current portion	18.8		18.8
Less deferred financing costs	4.2		4.7
Long-term debt, net	$	1,060.5	$	884.1

2017 Credit Agreement

Since November 2016, the Company and certain of its international subsidiaries have been borrowers under a senior secured credit agreement (the “2017 Credit Agreement”) with a syndicate of financial institutions. The 2017 Credit Agreement replaced, in its entirety the Company's prior $1.0 billion senior secured credit agreement. The total available borrowing under the 2017 Credit Agreement was $693.7 million as of January 31, 2019, which has been reduced by $12.9 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. On November 3, 2016, a total of approximately $208.0 million was used to pay the obligations outstanding under the prior credit agreement in full and certain costs and expenses incurred in connection with the 2017 Credit Agreement. The financing costs associated with the 2017 Credit Agreement totaled $3.9 million as of January 31, 2019, 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 (as used in this paragraph only, "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.

The terms of the 2017 Credit Agreement limit the Company's ability to make "restricted payments", which include dividends and purchases, redemptions and acquisitions of equity interests of the Company. The repayment of this facility is secured by a security interest in the personal property of the Company and the personal property of certain United States subsidiaries, including equipment and inventory and certain intangible assets, as well as a pledge of the capital stock of substantially all of the Company's United States subsidiaries and is secured, in part, by the capital stock of the non-U.S. borrowers. However, in the event that the Company receives and maintains an investment grade rating from either Moody's Investors Service, Inc. or Standard & Poor's Corporation, the Company may request the release of such collateral. The payment of outstanding principal under the 2017 Credit Agreement and accrued interest thereon may be accelerated and become immediately due and payable upon the Company's default in its payment or other performance obligations or its failure to comply with the financial and other covenants in the 2017 Credit Agreement, subject to applicable notice requirements and cure periods as provided in the 2017 Credit Agreement.

As of January 31, 2019, $363.4 million was outstanding under the 2017 Credit Agreement. The current portion of the 2017 Credit Agreement was $18.8 million and the long-term portion was $344.6 million. The weighted average interest rate for borrowings under the 2017 Credit Agreement was 3.44% for the three months ended January 31, 2019. The actual interest rate for borrowings under the 2017 Credit Agreement was 3.37% as of January 31, 2019.

See Note 17 to the interim condensed consolidated financial statements for information concerning the Company’s amended and restated senior secured credit agreement, dated February 11, 2019, which amended, restated and replaced the 2017 Credit Agreement.

Senior Notes due 2019

On July 28, 2009, the Company issued $250.0 million of 7.75% Senior Notes due August 1, 2019 (the "Senior Notes due 2019"). Interest on these Senior Notes is payable semi-annually. The financing costs associated with the Senior Notes due 2019 totaled $0.2 million as of January 31, 2019, and are recorded as a direct deduction from the long-term liability. The $249.4 million outstanding balance as of January 31, 2019 is reported in long-term debt in the interim condensed consolidated balance sheets because the Company intends to refinance the obligation on a long-term basis by utilizing financing available under the 2017 Credit Agreement or entering into a new financial arrangement.

See Note 17 to the interim condensed consolidated financial statements for information concerning the Company’s intention is to redeem its Senior Notes due August 1, 2019.

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 26, 2018, the Company amended and restated its existing subsidiary receivables facility in the United States to establish a $150.0 million United States Trade Accounts Receivable Credit Facility (the "U.S. Receivables Facility") with a financial institution. The U.S. Receivables Facility matures on September 26, 2019. The $150.0 million outstanding balance under the U.S. Receivables Facility as of January 31, 2019 is reported in long-term debt in the interim 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 by exercising the renewal option in the agreement or entering into a new financing arrangement. The financing costs associated with the U.S. Receivables Facility are $0.1 million as of January 31, 2019, and are recorded as a direct deduction from the long-term debt liability.

International Trade Accounts Receivable Credit Facilities

See Note 3 to the interim condensed consolidated financial statements for additional disclosures.