Tredegar amends credit agreement, extends ABL reduction date to Sept 30, 2025; Terphane sale review continues

TREDEGAR CORP

Amendment No. 4 extends the ABL Adjustment Date from March 31, 2025 to September 30, 2025.
After the ABL Adjustment Date, maximum borrowing under the facility reduces from $180M to $125M.
Monthly minimum Consolidated EBITDA covenants extended to accommodate the new September 2025 deadline.
Terphane sale to Oben Group for $116M net debt-free; Brazilian CADE review ongoing, max deadline Nov 18, 2024.
Weekly borrowing base certificates may be required if Availability drops below 20% of Aggregate Commitment.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TREDEGAR CORP amended Fourth Amendment with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (effective 2024-04-16).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto
Effective: 2024-04-16

Exact text from the filing

On April 16, 2024, Tredegar Corporation (the “ Company ”), as borrower, and certain of the Company’s material domestic subsidiaries, as guarantors (the “ Guarantors ”), entered into Amendment No. 4 (the “ Fourth Amendment ”) to the Second Amended and Restated Credit Agreement dated June 29, 2022 (as previously amended, the “ Amended Credit Agreement ”), among JPMorgan Chase Bank, N.A., as administrative agent (the “ Agent ”), Citizens Bank, N.A. and PNC Bank, National Association, as co-syndication agents, and Bank of America, N.A., U.S. Bank National Association and Wells Fargo Bank, National Association, as co-documentation agents, and the other lenders party thereto (collectively, the “ Lenders ”).

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Source: SEC EDGAR

accession 0000850429-24-000008

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