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| MWV > SEC Filings for MWV > Form 8-K on 20-Oct-2009 | All Recent SEC Filings |
20-Oct-2009
Termination of a Material Definitive Agreement, Creation of a Direct Financial
On October 19, 2009, MeadWestvaco Corporation entered into the new credit facility described in Item 2.03 hereof, replacing the $750 million revolving credit facility, dated as of December 1, 2004 and as amended as of December 1, 2005, with the banks, financial institutions and other institutional lenders signatory thereto, and The Bank of New York Mellon as administrative agent (which credit facility was scheduled to expire on December 1, 2010).
On October 19, 2009, MeadWestvaco Corporation entered into a new $600 million three-year revolving credit facility (the "New Facility") with a syndicate of commercial banks ("Banks"), including Citibank, N.A. as administrative agent ("Agent"). The New Facility is scheduled to expire on October 19, 2012. The New Facility will be used for general corporate purposes. The material terms and conditions of the New Facility are set forth below.
The New Facility contains certain representations and warranties, covenants and events of default. The New Facility is also subject to conditions precedent and the payment of certain facility fees, which, pursuant to current market conditions, have increased compared to 2005.
Some of the Banks and the Agent, as well as certain of their respective affiliates, have performed, and may in the future perform, for MeadWestvaco Corporation and its subsidiaries, various commercial banking, investment banking, underwriting and other financial advisory services, for which they have received customary fees and expenses.
The foregoing description of the New Facility is a summary and is qualified in its entirety by the terms and provisions of the New Facility as Exhibit 99.1 to this report, and incorporated herein by reference.
(d) Exhibits
Exhibit
Number Description
99.1 Credit facility agreement dated October 19, 2009 between MeadWestvaco
Corporation and a syndicate of commercial banks, including Citibank,
N.A. as administrative agent.
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