Glatfelter enters €250M term loan facility with Angelo Gordon at 11.25% interest

Magnera Corp

€250M senior secured term loan facility from Angelo Gordon; 6-year term, 11.25% fixed rate.
Proceeds to refinance existing term loan, for working capital and general corporate purposes.
Prepayment premiums: make-whole first 18 months, then 5.5% (months 19-36), 2.75% (months 37-48), thereafter par.
Collateral: first priority on foreign assets, second priority on domestic assets; guarantees from domestic and foreign subsidiaries.
Interest may be paid in kind (5% PIK) for first two years at borrower's election.

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

Magnera Corp entered into Term Loan Facility Commitment Letter with Angelo, Gordon & Co., L.P. valued at €250,000,000.00 (effective 2023-02-20).

Action: entry
Agreement: credit facility
Counterparty: Angelo, Gordon & Co., L.P.
Value: €250,000,000.00
Effective: 2023-02-20

Exact text from the filing

On February 20, 2023, Glatfelter Corporation, (“ Parent ”), entered into a Commitment Letter (the “ Term Loan Facility Commitment Letter ”), by and among Parent, Glatfelter Luxembourg S.à r.l. (“ Borrower ”) and Angelo, Gordon & Co., L.P. (“ Angelo Gordon ”), as lender.

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Source: SEC EDGAR

accession 0001104659-23-023554

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