TREDEGAR CORP (TG): debt financing — Tredegar amends credit facility to $180M, then $125M after flexible packaging sale

TREDEGAR CORP

Initial $180M commitment, declining to $125M upon sale of flexible packaging films business (ABL Adjustment Date).
Borrowing availability at closing ~$29.7M; ~$19.7M after minimum liquidity covenant.
Interest: SOFR+3.5% before ABL Adjustment; thereafter spreads reset.
Covenants: minimum EBITDA schedule (e.g., $22M Nov 2023) and $10M minimum liquidity; post-sale triggers 1.0x fixed charge coverage.
Company and guarantors pledged substantially all assets as collateral under new Security Agreement.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

TREDEGAR CORP amended credit facility of $180 million with JPMorgan Chase Bank, N.A., Citizens Bank, N.A., PNC Bank, National Association, Bank of America, N.A., U.S. Bank National Association, Wells Fargo Bank, National Association at ABR plus 2.50% before the ABL Adjustment Date ... Adjusted Term SOFR Rate plus 3 maturing June 30, 2026.

Instrument: credit facility
Principal: $180 million
Counterparty: JPMorgan Chase Bank, N.A., Citizens Bank, N.A., PNC Bank, National Association, Bank of America, N.A., U.S. Bank National Association, Wells Fargo Bank, National Association
Rate: ABR plus 2.50% before the ABL Adjustment Date ... Adjusted Term SOFR Rate plus 3
Maturity: June 30, 2026
Event: amendment

Exact text from the filing

Agreement that was scheduled to mature on June 29, 2027. The material terms of the Amended Credit Agreement include the following: • Initial aggregate commitments of up to $180 million, which will be reduced to $125 million upon the earlier of March 31, 2025 and the date the Company receives the proceeds from the sale of its flexible packaging films business to

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TREDEGAR CORP amended Third Amendment with JPMorgan Chase Bank, N.A., as administrative agent, Citizens Bank, N.A., PNC Bank, National Association, Bank of America, N.A., U.S. Bank National Association, Wells Fargo Bank, National Association, and the other lenders party thereto (effective 2023-12-27).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, Citizens Bank, N.A., PNC Bank, National Association, Bank of America, N.A., U.S. Bank National Association, Wells Fargo Bank, National Association, and the other lenders party thereto
Effective: 2023-12-27

Exact text from the filing

On December 27, 2023, Tredegar Corporation (the “ Company ”), as borrower, and certain of the Company’s material domestic subsidiaries, as guarantors (the “ Guarantors ”), entered into Amendment No. 3 (the “ Third Amendment ”) to the Second Amended and Restated Credit Agreement dated June 29, 2022

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TREDEGAR CORP filing history →

Source: SEC EDGAR

accession 0001193125-23-304471

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