Clearwater Paper Corporation has completed the refinancing of its senior notes due in 2028, along with the refinancing of its existing term revolver credit facility and ABL revolving credit facility, replacing them with a new term loan and revolving credit facility that meaningfully extend the company's debt maturities.
The company entered into an amended and restated credit agreement with AgWest Farm Credit, PCA, as administrative agent, and a syndicate of lenders, with the new financing package including a $200 million revolving credit facility with approximately $15 million outstanding at closing and a $275 million term loan facility fully funded at closing.
The revolving credit facility also includes an uncommitted $100 million increase option available subject to lender participation, delivery of 2027 year-end financial statements, and other customary conditions.
Arsen Kitch, President and CEO, stated that the refinancing extends debt maturities and provides greater certainty as the company executes its long-term strategy. Borrowings under the new credit agreement were used to pay off and terminate the existing ABL credit facility and to redeem Clearwater Paper's outstanding $275 million senior notes due 2028 in full, with the new credit agreement maturing in five years on September 18, 2031.
Clearwater Paper is a premier independent supplier of paperboard packaging products to North American converters.