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LONG-TERM DEBT | 3 Months Ended
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Jan. 31, 2022
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt is summarized as follows:
(in millions) | January 31, 2022 |  | October 31, 2021
2019 Credit Agreement - Term Loans | $ | 1,217.2 |  |  | $ | 1,247.3 |
Senior Notes due 2027 | 496.1 |  |  | 495.9 |
Accounts receivable credit facilities | 384.5 |  |  | 391.1 |
2019 Credit Agreement - Revolving Credit Facility | 170.6 |  |  | 50.5 |
Other debt | 0.4 |  |  | 0.6 |
| 2,268.8 |  |  | 2,185.4 |
Less: current portion | 120.3 |  |  | 120.3 |
Less: deferred financing costs | 9.4 |  |  | 10.3 |
Long-term debt, net | $ | 2,139.1 |  |  | $ | 2,054.8 |
2019 Credit Agreement On February 11, 2019, the Company and certain of its subsidiaries entered into an amended and restated senior secured credit agreement (the “2019 Credit Agreement”) with a syndicate of financial institutions. The Company's obligations under the 2019 Credit Agreement are guaranteed by certain of its U.S. and non-U.S. subsidiaries. The 2019 Credit Agreement provides for (a) an $800.0 million secured revolving credit facility, consisting of a $600.0 million multicurrency facility and a $200.0 million U.S. dollar facility, maturing on February 11, 2024, (b) a $1,275.0 million secured term loan A-1 facility, with quarterly principal installments that commenced on April 30, 2019, that matures on January 31, 2024, (c) a $400.0 million secured term loan A-2 facility, with quarterly principal installments that commenced on April 30, 2019, that matures on January 31, 2026, and (d) a $225.0 million secured term A-3 loan with quarterly principal installments commenced on July 31, 2021 and continue through maturity on July 15, 2026. In addition, the Company has an option to add an aggregate of $475.0 million to the secured revolving credit facility under the 2019 Credit Agreement with the agreement of the lenders. The revolving credit facility is available to fund ongoing working capital and capital expenditure needs, for general corporate purposes, and to finance acquisitions. As of January 31, 2022, $1,387.8 million was outstanding under the 2019 Credit Agreement. The current portion of such outstanding amount was $120.3 million, and the long-term portion was $1,267.5 million. The weighted average interest rate for borrowings under the 2019 Credit Agreement was 1.33% for the three months ended January 31, 2022. The actual interest rate for borrowings under the 2019 Credit Agreement was 1.24% as of January 31, 2022. The deferred financing costs associated with the term loan portion of the 2019 Credit Agreement totaled $7.6 million as of January 31, 2022 and are recorded as a reduction of long-term debt on the interim condensed consolidated balance sheets. The deferred financing costs associated with the revolver portion of the 2019 Credit Agreement totaled $3.8 million as of January 31, 2022 and are recorded within other long-term assets on the interim condensed consolidated balance sheets. Senior Notes due 2027 On February 11, 2019, the Company issued $500.0 million of 6.50% Senior Notes due March 1, 2027 (the "Senior Notes due 2027"). Semi-annual interest payments on the Senior Notes due 2027 commenced on September 1, 2019. The Company's obligations under the Senior Notes due 2027 are guaranteed by its U.S. subsidiaries that guarantee the 2019 Credit Agreement, as described above. The deferred financing cost associated with the Senior Notes due 2027 totaled $1.8 million as of January 31, 2022 and is recorded as a reduction of long-term debt on the interim condensed consolidated balance sheets. United States Trade Accounts Receivable Credit Facility On May 26, 2021, Greif Receivables Funding LLC (“Greif Funding”), Greif Packaging LLC (“Greif Packaging”), and certain other U.S. subsidiaries of the Company amended and restated its U.S. receivables financing facility (the “U.S. Receivables Facility”). The U.S. Receivables Facility provides an accounts receivable financing facility of $275.0 million, with a new maturity date of May 26, 2022. As of January 31, 2022, there was $275.0 million outstanding balance under the U.S. Receivables Facility that is reported as long-term debt on the interim condensed consolidated balance sheets because the Company intends to refinance these obligations on a long-term basis and has the intent and ability to consummate a long-term refinancing by exercising the renewal option in the respective agreement or entering into new financing arrangements. Greif Funding is a direct subsidiary of Greif Packaging and is included in the Company’s consolidated financial statements. However, because Greif Funding is a separate and distinct legal entity from the Company, the assets of Greif Funding are not available to satisfy the liabilities and obligations of the Company, Greif Packaging or other subsidiaries of the Company, and the liabilities of Greif Funding are not the liabilities or obligations of the Company or its other subsidiaries. International Trade Accounts Receivable Credit Facility On July 27, 2021, Cooperage Receivables Finance B.V. and Greif Services Belgium BV, an indirect wholly owned subsidiary of Greif, Inc., amended and restated the Nieuw Amsterdam Receivables Financing Agreement (the "European RFA") with affiliates of a major international bank. The amended and restated European RFA matures April 26, 2022. The European RFA provides an accounts receivable financing facility of up to €100.0 million ($111.5 million as of January 31, 2022) secured by certain European accounts receivable. The $109.5 million outstanding on the European RFA as of January 31, 2022 is reported as long-term debt on the interim condensed consolidated balance sheets because the Company intends to refinance these obligations on a long-term basis and has the intent and ability to consummate a long-term refinancing by exercising the renewal option in the respective agreement or entering into new financing arrangements.

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