Packaging Corp. of America signs credit deals to fund Greif acquisition
On July 31, 2025, Packaging Corporation of America entered two credit agreements: a Commercial Credit Agreement with a $500 million three-year term loan and a $600 million revolver, and a Farm Credit Agreement with a $500 million seven-year term loan. The term loans may only be used to complete the Greif Acquisition, which PCA expects to fully draw at closing, and the filing says the company's prior Mizuho credit agreement was terminated. The filing adds significant new borrowing tied to a pending acquisition, which shareholders should weigh against the company's leverage covenants.
Key points
- Commercial Credit Agreement: $500 million three-year unsecured term loan and $600 million unsecured revolving credit facility
- Farm Credit Agreement: $500 million seven-year unsecured term loan, with pricing based on PCA's Public Debt Rating
- Term loan proceeds may only be used to complete the Greif Acquisition, and PCA expects to fully draw them at closing
- Old Credit Agreement with Mizuho Bank, dated June 8, 2021, was terminated; it had no borrowings outstanding apart from about $27.5 million of letters of credit
The filing
Written by AI on Nov 8, 2026, 12:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 06, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.