Tredegar initiates pension plan termination, contributes $50M to reduce underfunding

TREDEGAR CORP

Board adopted resolution to terminate frozen defined benefit pension plan; process expected up to 24 months.
Borrowed $50M under revolver on Feb 9, 2022 to contribute to plan, reducing underfunding.
Estimated GAAP underfunding $69M as of Dec 31, 2021; expects ~$11M income tax benefit.
Pension expense ~$14M in 2022 GAAP, zero for Credit EBITDA; administrative costs $4-5M.

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