Reynolds Consumer Products Inc. announced on October 17, 2024, that it has amended its credit agreement to provide a new revolving credit facility. The company replaced an undrawn $250 million senior secured revolving credit facility, which was set to mature in February 2026, with a new undrawn $700 million senior secured revolving credit facility.
This new facility, secured through a syndicate of banks led by Wells Fargo, will mature in October 2029. The increase in size aligns the revolving facility more closely with companies possessing similar strong credit characteristics, according to the company.
Chief Financial Officer Scott Huckins stated that these actions are part of the company's ongoing efforts to optimize its capital structure and increase financial flexibility. The company's senior secured term loan facility continues to mature in February 2027, with $1.784 billion outstanding as of June 30, 2024.
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