Reynolds Consumer Products, a provider of household products, announced an amendment to its credit agreement that provides a new revolving credit facility through a syndicate of banks led by Wells Fargo, according to an 8-K filing.
The parties replaced an undrawn $250 million senior secured revolving credit facility maturing in February 2026 with an undrawn $700 million senior secured revolving credit facility maturing in October 2029 under the credit agreement. The sizing places the revolving facility more in line with companies with similarly strong credit characteristics.
The company’s senior secured term loan facility under the credit agreement continues to mature in February 2027 and had outstanding indebtedness of $1.784 billion on June 30, 2024.
“Our capital allocation priorities remain unchanged and we are pleased to successfully extend and upsize our revolving credit facility as part of our ongoing work to optimize our capital structure and increase our financial flexibility,” Scott Huckins, chief financial officer, said. “We continue to actively monitor market conditions for refinancing the term loan facility, benefiting from our strong cash flow profile and improved credit metrics.”
Wells Fargo acted as lead left arranger and syndication agent for the revolving credit facility.
