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Price: 34.45

New Revolving Credit Facility Negotiated


Greif, Inc. Negotiates new Revolving Credit Facility

Delaware, Ohio (March 3, 2005) – Greif, Inc. (NYSE: GEF) today announced the closing of a $350 million revolving credit facility co-arranged by Deutsche Bank Securities and Key Bank, N.A. The proceeds from this facility will be used to repay the company’s existing revolving credit facility and term loan, and for other general corporate purposes.

"We are extremely pleased with this new facility," said Greif Chief Financial Officer Donald S. Huml. "The terms of the facility are substantially equivalent to those typical for an investment-grade rated company – our near-term aspiration. This is further evidence of the significant improvement in our financial performance and credit profile.”

The facility will initially be priced at a spread over LIBOR of 100 basis points on an all-drawn basis for a six-month period, and then will follow a pricing grid based upon the company’s total leverage.


Matt Eichmann Vice President,
Investor Relations and Corporate Communications
Greif, Inc.
Office: (740) 549-6067

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