8-K
filed September 15, 2021, 7:59 PM ET
ticker SLVM
CIK 0001856485
debt
confidence high
sentiment neutral
materiality 0.80
Sylvamo enters $1.42B debt facilities; names new directors ahead of spin-off
Sylvamo Corp
- $1.42B in facilities: $450M revolver, $450M Term B, $520M Term F; funds spin-off Special Payment, renewable investments, working capital.
- Term B at LIBOR+4.5% (floor 0.5%); Term F and revolver at LIBOR+1.9% and 1.75% respectively (floor 0%).
- Maturities: Term B 2028, Term F 2027, revolver 2026; prepayments subject to excess cash flow and asset sale provisions.
- Four directors resign effective on spin-off (Oct 1); eight new directors appointed post-spin-off, including Jeanmarie Desmond as Audit Chair.
- Financial covenants: min interest coverage 3.00x, max leverage 4.25x stepping down; restricted payments capped due to Brazil Tax Dispute.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jeanmarie Desmond was appointed as Director at Sylvamo Corp.
- Action
- appointed
- Role
- Director
Exact text from the filing
On September 13, 2021, Jeanmarie Desmond was appointed as a director of the Company and as the Chair of the Audit Committee of the Board effective as of September 14, 2021.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Joia M. Johnson was appointed as Director at Sylvamo Corp.
- Action
- appointed
- Role
- Director
Exact text from the filing
On September 13, 2021, effective immediately following the completion of the Spin-Off, each of Stan Askren, Christine S. Breves, Lizanne Gottung, Joia M. Johnson, David Petratis, J. Paul Rollinson and James P. Zallie was appointed as a director of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
John V. Sims resigned as Director at Sylvamo Corp.
- Action
- resigned
- Role
- Director
Exact text from the filing
On September 14, 2021, the Company received letters of resignation from each of Timothy S. Nicholls, Thomas Plath, Sharon R. Ryan and John V. Sims (each, a “ Resigning Director ”) as directors, each such resignation to be effective as of, and contingent upon, the completion of the Spin-Off which is expected to occur on October 1, 2021.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
David Petratis was appointed as Director at Sylvamo Corp.
- Action
- appointed
- Role
- Director
Exact text from the filing
On September 13, 2021, effective immediately following the completion of the Spin-Off, each of Stan Askren, Christine S. Breves, Lizanne Gottung, Joia M. Johnson, David Petratis, J. Paul Rollinson and James P. Zallie was appointed as a director of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Sharon R. Ryan resigned as Director at Sylvamo Corp.
- Action
- resigned
- Role
- Director
Exact text from the filing
On September 14, 2021, the Company received letters of resignation from each of Timothy S. Nicholls, Thomas Plath, Sharon R. Ryan and John V. Sims (each, a “ Resigning Director ”) as directors, each such resignation to be effective as of, and contingent upon, the completion of the Spin-Off which is expected to occur on October 1, 2021.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
James P. Zallie was appointed as Director at Sylvamo Corp.
- Action
- appointed
- Role
- Director
Exact text from the filing
On September 13, 2021, effective immediately following the completion of the Spin-Off, each of Stan Askren, Christine S. Breves, Lizanne Gottung, Joia M. Johnson, David Petratis, J. Paul Rollinson and James P. Zallie was appointed as a director of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Timothy S. Nicholls resigned as Director at Sylvamo Corp.
- Action
- resigned
- Role
- Director
Exact text from the filing
On September 14, 2021, the Company received letters of resignation from each of Timothy S. Nicholls, Thomas Plath, Sharon R. Ryan and John V. Sims (each, a “ Resigning Director ”) as directors, each such resignation to be effective as of, and contingent upon, the completion of the Spin-Off which is expected to occur on October 1, 2021.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Thomas Plath resigned as Director at Sylvamo Corp.
- Action
- resigned
- Role
- Director
Exact text from the filing
On September 14, 2021, the Company received letters of resignation from each of Timothy S. Nicholls, Thomas Plath, Sharon R. Ryan and John V. Sims (each, a “ Resigning Director ”) as directors, each such resignation to be effective as of, and contingent upon, the completion of the Spin-Off which is expected to occur on October 1, 2021.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
J. Paul Rollinson was appointed as Director at Sylvamo Corp.
- Action
- appointed
- Role
- Director
Exact text from the filing
On September 13, 2021, effective immediately following the completion of the Spin-Off, each of Stan Askren, Christine S. Breves, Lizanne Gottung, Joia M. Johnson, David Petratis, J. Paul Rollinson and James P. Zallie was appointed as a director of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Christine S. Breves was appointed as Director at Sylvamo Corp.
- Action
- appointed
- Role
- Director
Exact text from the filing
On September 13, 2021, effective immediately following the completion of the Spin-Off, each of Stan Askren, Christine S. Breves, Lizanne Gottung, Joia M. Johnson, David Petratis, J. Paul Rollinson and James P. Zallie was appointed as a director of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Lizanne Gottung was appointed as Director at Sylvamo Corp.
- Action
- appointed
- Role
- Director
Exact text from the filing
On September 13, 2021, effective immediately following the completion of the Spin-Off, each of Stan Askren, Christine S. Breves, Lizanne Gottung, Joia M. Johnson, David Petratis, J. Paul Rollinson and James P. Zallie was appointed as a director of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Stan Askren was appointed as Director at Sylvamo Corp.
- Action
- appointed
- Role
- Director
Exact text from the filing
On September 13, 2021, effective immediately following the completion of the Spin-Off, each of Stan Askren, Christine S. Breves, Lizanne Gottung, Joia M. Johnson, David Petratis, J. Paul Rollinson and James P. Zallie was appointed as a director of the Company.
View on SEC.gov
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